The arrival of the property to the market provides an outstanding opportunity for astute investors/developers, to capitalise on the highly flexible and versatile zoning virtues. afforded to the properties. The offering presents a seldom available opportunity to acquire a sizeable land parcel with significant upside, located along arguably one of Osborne Parks premier thoroughfares.
Investment Highlights:
– Sizeable land holding of 2,024sqm* across 2 adjoining lots
– Prominent main thoroughfare position
– Extensive frontage
– Right of Way (Cruikshank Lane) at rear
– Very tightly held precinct
– Two (2) lots on one parcel allowing for staged development
– Superb “Development” zoning providing for very flexible development options including multi-level mixed use
– Outstanding connectivity to major transport networks
– Holding Income via short term lease
Specific property details:
115 Main Street, Osborne Park
– Lot 463 on Plan 2452 as contained in Certificate of Title Volume1194 Folio 741
– Area of 1012sqm*
– Street frontage of 20.12 metres*
117 Main Street, Osborne Park
– Lot 464 on Plan 2452 as contained in Certificate of Title Volume 1074 Folio 881
– Area of 1012sqm*
– Street frontage of 20.12 metres*
Description:
The properties comprise two (2) residential dwellings and ancillary land, located along a prominent major thoroughfare with excellent frontage to Main Street and benefiting from a Right of Way (Cruikshank Lane). 115 Main Street is constructed of fibro sheeting elevations, wooden flooring and tiled roofing. 117 Main Street is inhabitable without refurbishment. Configured as two lots with a total land area of 2,024sqm*. The combined lots form a square shaped, elevated site with a slight decline from the front to the rear boundary.
Frontage to Main Street – 40.24 metres*
Southern Boundary- 50.25 metres*
Northern Boundary – 50.25 metres*
Rear (Western) Boundary – 40.24 metres*
Location:
The properties are strategically and conveniently located within the established and highly desirable inner suburb of Osborne Park, approximately 7.5km northwest of the Perth CBD.
More specifically, the properties are positioned on the western side of Main Street between Hector Street and Cape Street with excellent connectivity to major transport networks and proximity to the Main Street retail and hospitality precinct.
The locality supports a mix of both residential and commercial accommodation with recent zoning changes allowing for high density, multilevel, mixed use development.
Zoning:
The City of Stirling advises the property is currently zoned ‘Development (proposed Mixed Use)’ under Local Planning Scheme No. 3. and more specifically within the Herdsman Glendalough Structure Plan allowing for a mixed use development of up to five (5) story with bonus criteria. Plot ratio is 2.5:1.
Proponents must make their own investigations to relevant statutory authorities regarding zoning and development.
Outgoings 2022/2023*
115 Main Street, Osborne Park
Water Rates: $981.84
Council Rates: $1,455.83
Land Tax: $1,433.00^
117 Main Street, Osborne Park
Water Rates: $995.76
Council Rates: $1,460.05
Land Tax: $1,433.00^
Services:
Each of the lots benefits from deep sewer connection and water supply, with natural gas infrastructure onsite. Proponents are advised to contact relevant statutory authorities and providers regarding service to lots.
Tenancy:
115 Main Street is currently leased on a three (3) month periotic tenancy. Lease to 06/01/2024 @ $380 per week.
117 Main Street is vacant and is inhabitable without refurbishment.
For more information, please contact Franco Gangemi.
*Approx.
^ Based on single ownership
