Interest rising in Luna Maxi site

The largest privately-owned land holding in the redevelopment area was placed on the market last week and is expected to fetch more than $75 million.

Metropolitan Redevelopment Authority chief executive Kieran Kinsella last week confirmed the height of the development could reach 18 storeys if short-stay accommodation and sustainability requirements were met.

Mr Kinsella said the land sale provided investors an opportunity to create beachfront living along the $60 million development zone while contributing to tourism development in Perth.

�Welcoming private investment is a big step in the realisation of the master plan and will help Scarborough to reach its potential as a thriving and dynamic place for people to live, work and visit,� he said.

A spokesman from investment management firm JLL said the site had |already garnered inquiries from national institutions and listed entities, as well as international interest.

Ms Harvey said the immediate interest in the beach-front site was a show of faith in the future of the suburb.

�I think the community will get on board with the development, provided it improves the amenity of the area, with mixed use developments and hotels that will provide employment opportunity,� she said.

�As a neighbour of the property, I�m interested to see a world-class development.�

JLL national director and head of investments in WA Nigel Freshwater said the site provided an unprecedented opportunity for a mixed-use development on the coast.

�Luna Maxi�s range and scale of development opportunities is unrivalled in terms of current purchasing opportunities in WA,� he said.

The MRA has received 27 development applications in the Scarborough redevelopment area, approving several minor projects as well as two large residential developments.

Expressions of interest for the land closes June 4.