Melville Council spent nearly an hour discussing the transaction behind closed doors, before eventually voting 8-2 to approve the purchase of 50-52 Kishorn Road.
The City last year spent almost $8 million snapping up a commercial office at neighbouring 31 Moreau Mews and a residential triplex at 27, 25 and 23 Moreau Mews.
It also owns the parking lot at 29 Moreau Mews and now boasts a substantial land parcel right in the heart of the Canning Bridge Activity Centre, which has been a hotbed for recent development.
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READ NOWThe land is zoned M15 under the Canning Bridge Activity Centre Plan, which allows for mixed use up to 15 storeys or 48m in height, although additional height is allowable where offsetting community benefit is provided.
Earlier this month, property developer Finbar received approval for a nearby 452-apartment complex with three separate towers of 30, 26 and 26 storeys.
In approving the purchase, Melville councillors directed chief executive Shayne Silcox to report back to them detailing future uses for the land parcel.
Dr Silcox said he expected that report would be delivered in the second half of 2017.
“It goes without saying that any future use of the site that might be considered will need to be consistent with the Canning Bridge Activity Centre Plan (CBACP) and Local Planning Scheme 6,” he said.
The land is in the Kintail Quarter, which is envisioned as a “premier retail and entertainment destination” in the CBACP.
“Retail, entertainment and food and beverage outlets are encouraged at the ground floor, visually interacting with pedestrians, cyclists and vehicle passers-by,” the plan reads.
“Residential opportunities… will be in apartment style and are encouraged in all buildings above the third floor.”