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RARE COASTAL COMMODITY SELLS FOR $9.75M

As published in WA Business News – Friday, 17th May 2019

A lucrative sale of two prime commercial sites on the scenic coastal strip of West Coast Drive, Sorrento was sold for just under $10m last month (April).

Introduced by Axia Corporate Property to the purchasers, the combined landholding of 2,477sqm is the current location for popular dining venues Voyage Kitchen and White Salt restaurant, among other commercial and office tenancies.

Located at 130 (1,685 sqm) and 134 (792 sqm) West Coast Drive, such commercial and suburban landholdings of this size – directly opposite the beach – are a rare commodity according to Axia Corporate Property’s consultant John Garland.

Purchased by the Megara Group for $9.75m, (and based on a land value of $3,936 per sqm), the site will be developed into luxury residential apartments, with commercial and retail tenants to occupy the ground level. Existing tenants, Voyage Kitchen and White Salt restaurant, will be given first options to remain at the re-developed site.

“The property offers an excellent opportunity for Megara to create an iconic, one-off residential and commercial product in the premium suburb of Sorrento,” Mr Garland says.

Megara Director, Chad Scott, says the future development will be designed to embrace Sorrento’s coastal location and highly desirable community attributes.

The site is favourably located just 1 kilometre from Sorrento Quay, whilst all apartments will afford unrestricted, ocean views and glimpses of Rottnest.

For further information, please contact Wayne Mitsikas, director investment sales, Axia Corporate Property tel: 0413 599 655, or John Garland, consultant, Axia Corporate Property tel: 0488 059 688.

** Current Megara projects include the oceanfront Maraboo Island, Port Coogee development, which is under construction, and the soon to be released commercial and residential development, The Foundry, in the heart of Leederville.