North Perth infill site to undergo ‘significant’ redevelopment after being sold

September 2020

The sale of a commercial development site at 318-324 Charles Street to a private syndicate for $6.4 million has been settled, with the deal negotiated by Alex Gismondi of Transact Capital.

At a glance:

  • A commercial development site at 318-324 Charles Street, North Perth has been sold to a private syndicate for $6.4 million in a deal negotiated by Transact Capital’s Alex Gismondi.
  • The site incorporates three adjoining lots across 3,620 square metres.
  • It is set to be transformed into a new neighbourhood retail hub as part of a redevelopment.

Mr Gismondi told WILLIAMS MEDIA while there had a broad scope of interest in the property, the eventual buyer’s reputation for delivering development outcomes was a factor in the final decision.

“The development will be a good upgrade for the community,” he said.

“Charles Street is a thoroughfare as you head north from the city and the site has an abundance of parking, as well as rear access.”

Mr Gismondi noted the sale was part of a re-emergence of demand for Perth metropolitan infill sites.

“Developers are seeing the WA market making progress, despite the disruption of the pandemic,” he said.

“We see this an opportunistic time for counter-cyclical developments, where there is a big push for councils to approve projects in order to help the economy.”

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