Located at 647 Wellington Street, Perth, the property is being offered for sale by Sterling Property via an Offers Invited campaign closing 2pm Wednesday, 23 September 2026 (AWST), unless sold prior.
Rare CBD Scale with Holding Income
The property occupies a prominent corner position with 88.55 metres of frontage to Milligan Street and 30.32 metres to Wellington Street, providing a level of exposure rarely available for a CBD landholding of this scale.
The site is currently improved by a fully leased two-storey commercial building occupied by Acknowledge Education, providing purchasers with holding income while future development plans progress.
Current holding income is approximately $541,400 per annum, increasing to approximately $596,000 per annum once the car bays are fully leased. The existing building provides approximately 2,452.50 sqm of net lettable area together with 20 on-site car bays.
Significant Development Potential
Zoned City Centre under the City of Perth Local Planning Scheme No. 2, the property forms part of the P5 Citiplace Precinct, allowing for a broad mix of potential uses including residential, purpose-built student accommodation, retail, office, entertainment, education, healthcare, hotel and short-stay accommodation.
A base plot ratio of 5:1 provides approximately 16,850sqm of development floor area, with a further 50% bonus potentially available through eligible public benefits.
Further upside could emerge through the City of Perth’s draft Local Planning Scheme No. 3, which proposes a base plot ratio of up to 7:1, together with revised height and built-form controls for the precinct.
Award-winning architects MJA have also prepared a conceptual feasibility scheme under the existing LPS2 controls, illustrating the potential for approximately 296 one and two-bedroom apartments across 31 levels, incorporating a ground-floor supermarket and activated commercial tenancies.
ECU City Campus Drives Precinct Transformation
The property sits directly opposite RAC Arena and is within walking distance of Perth Train Station and Perth Busport, while the new ECU City Campus is approximately 120 metres away.
The arrival of ECU has added another significant demand driver to the western CBD, supporting increased demand for residential accommodation, student housing, hospitality and complementary commercial uses.
Sterling Property Managing Director Brian Neo said the surrounding investment had transformed the precinct.
“This precinct has been transformed by the level of public and private investment around it. The arena, the rail and bus interchange, and now the ECU campus on its doorstep. A site of this size, in this position, gives purchasers a genuine opportunity to deliver a landmark outcome for the western end of the city,” Mr Neo said.
Sterling Property Senior Partner Jack Bradshaw said opportunities of this scale were rarely offered within the Perth CBD.
“A landholding of this scale, on a corner position with genuine dual street frontage, simply doesn't come to market in the Perth CBD very often. Given its size, position and the flexibility of the zoning, we'd argue this is the best development site available in the precinct today,” Mr Bradshaw said.
Sterling Property Partner Simon Brady said the MJA feasibility work demonstrated the scale available to a future developer.
“The MJA feasibility scheme really brings this site to life. It shows just how much scale is achievable here once you combine the base plot ratio with the bonus provisions on offer based on LPS2,” Mr Brady said.
Offers Invited
With substantial CBD scale, significant development flexibility, existing holding income and a position at the centre of Perth’s evolving western gateway, 647 Wellington Street represents a rare opportunity for developers seeking a major city development project.
The property is offered For Sale via Offers Invited closing 2pm (AWST), Wednesday 23 September 2026, unless sold prior.
The campaign is being managed by Jack Bradshaw, Brian Neo and Simon Brady of Sterling Property.
View the listing here >> https://www.developmentready.com.au/properties/647-wellington-street-perth-wa-6000-261995
