Totalling 1447sq m, the two properties opposite Garden City Shopping Centre will go under the hammer together and include a family home last sold in the 1980s.
Changes to the City of Melville local planning scheme mean the height limit for the titles will increase from two to four storeys with a R100 density provision.
LJ Hooker Applecross principal and selling agent Nick Wallace said the property, with a 43m street frontage, was one of the largest development opportunities under the new scheme.
“This is the first instance of neighbours coming together under the new scheme,’’ Mr Wallace said.
“One of the properties last sold in 1986 and that’s representative of much of Booragoon – it’s very tightly held.”
Mr Wallace said about 1800sq m of gross floor area was allowed under the new provisions, which enable mixed use.
He said the ability to walk across the road to Garden City, which is |set to become Perth’s biggest shopping centre under a planned $750 |million redevelopment, would add |significant investor appeal.
“The shopping centre’s owners see significant increase in visitation to Garden City in the future. It will be a major employer south of the river,” Mr Wallace said.
“Booragoon is an under-developed residential area and the new plan seeks to utilise its amenity and appeal, and the demand for the area.”
LJ Hooker Applecross will auction the Marmion Street double site at 1pm on April 2. n