Morley 'supersite' represents premier development opportunity in vibrant hub
A high-profile corner property spanning more than 4,000sqm in Morley - a Perth suburb touted for rapid growth and transformation over the next decade - has been listed for sale.
06 Feb 2019
CBRE’s Geoff Fraser and Ben Younger, conjunctionally with Ian Fraser from Ian Fraser & Co, have been appointed to market for sale the 4,239sqm site in Morley’s commercial and retail precinct, comprising three lots – 231-235 Walter Road West, 49 Russell Street and 4 Lovegrove Way.
Offering triple road frontage, including truncations of over 180m, the property currently houses a former dental clinic, home/office and other buildings. It offers significant redevelopment potential, accommodating a variety of potential uses such as office, aged care, early learning, residential, retail and health care (STCA).
The sale coincides with a period of major growth in Morley, which is located approximately 8km north-east of the Perth CBD, with the area projected to evolve into a vibrant community, home to over 10,000 people in the next decade.
Mr Fraser said the property’s location would attract buyer interest from commercial and residential developers, to owner occupiers redeveloping the site to suit.
“This site represents an important part of the Morley City Centre, which is anticipated to grow into a lively and bustling place for business and shopping, with a vibrant community life,” Mr Fraser said.
“We see this development site as playing an important role in the exciting and unique future of this area.”
He added: “Development of the Galleria Shopping Centre, combined with Progress Street being the area’s new main street and the enhanced Morley Bus Station will create even greater efficiency and convenience that will bring together the best in urban living.”
The property, being offered for sale with an asking price of $4,900,000 plus GST, is situated nearby to the popular Coventry Markets and Galleria Shopping Centre.
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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.