A local private vendor has listed a development site with versatile zoning for sale, with offers expected to achieve circa $1.5 million.
Zoned Residential Mixed Use, with the potential for a five-storey development, the 1,905sqm site is suitable for a range of potential uses, including retail, food, medical, aged care or residential.
The property presents buyers with an opportunity to acquire a central development site on the corner of Sutton and Peel streets, with direct linkage throughout the Mandurah city centre and waterfront precincts.
CBRE’s Michael Milne and Jake Wallman have been appointed to market the 69 Sutton Street property, which benefits from a versatile new planning framework under the City of Mandurah’s ‘Central Mandurah Activity Centre Plan’, adopted this year.
Sutton Street was recently expanded to Mandurah Terrace as part of the revitalisation strategy, which was designed to enhance commerce and tourism.
“With Sutton and Peel streets now upgraded and extended to Mandurah Terrace, it becomes the premier traffic route between Pinjarra Road and Mandurah Terrace – significantly adding to the exposure of the site,” Mr Milne commented.
Mr Wallman added; “Given the prominent corner location, the versatile land uses and increased height permitted, we expect the property to generate strong interest from a broad range of end user, occupier and developer groups.”
CBRE is currently conducting a formal ‘Offers to Purchase’ campaign, closing Thursday, March 28 at 4:00pm.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.