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As seen in the Source link, written by realestatesource.com.au on 2019-10-31 02:56:32

A vacant hotel on a 1697 square metre Perth CBD plot has sold to Western Australia’s largest apartment developer, Finbar, for $6.5 million.

It is the ASX-listed builder’s fourth block acquisition in the city this year, and comes as agents say the local residential market is beginning to regain some momentum.

The property at 240 Adelaide Terrace (pictured above and below) includes a three-level building with 62 suites, an internet lounge, courtyard, landscaped backyard and 24 car parks.

The Perth CBD hotel occupies a 1697 square metre site at 240 Adelaide Street.

Savills’ Barney Dear and Chas Moore said numerous enquiries, from local and interstate developers, were received to replace it.

The sale price values every square metre of land at $3830.

Mr Dear said Finbar was attracted to the site’s strong
development prospects “given its location and scale”.

Zoned for office and residential development, the agents
marketed that the parcel has a 4:1 plot ratio.

Finbar is expected to replace it with a premium-grade
mixed use project.

“Finbar has long since paved the way for major upscale,
yet affordable mixed-use residential projects in Perth, having recently
completed their nearby renowned Vue and Concerto developments on Adelaide
Terrace,” Mr Dear said.

“The site is part of Perth’s tightly held Adelaide
Precinct, set to undergo significant residential and office growth amid Perth’s
reviving residential market, and is within walking distance of cafes, theatres,
local landmarks and public transport, including Elizabeth Quay, Brookfield
Place, Hibernian Place, Perth train station and McIver train station.

The property includes 24 car parks.

“The McGowan government recently announced two years of
stamp duty relief for off-the-plan purchasers, which will be a welcome shot in
the arm for Perth’s apartment market,” said Mr Dear.

Mr Moore added that “the opportunity to secure an office/residential
zoned landholding of this size in such a prime location is becoming exceedingly
rare” and it is “proud to have secured such a strong result for the client.”

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