It’s not often islands come up for sale in Western Australia and even rarer still when they are close to Perth and offer vehicle access.
This is what’s on offer at Maraboo Island, about five kilometres south of Fremantle.
The freehold island site is part of the $2 billion Port Coogee Marina development, which developer Frasers Property is transforming from an abandoned industrial strip into an 85-hectare masterplanned coastal community.
The island itself comprises almost 2 hectares of land and 7195 square metres of water that could be used for a jetty and mooring facilities. It connects to the mainland via a two-lane road bridge.
According to selling agents JLL, the property represents a unique development opportunity in one of Perth’s most iconic beachfront locations.“The opportunity to develop an island site adjacent to an existing marina with potential to include private jetty infrastructure is arguably unique in the Perth metropolitan market,” JLL’s director of sales and investments WA, Sean Flynn, said.
“At a time when delivering a point of difference is key to the success of apartment projects, such unique characteristics are anticipated to set Maraboo Island apart from all other multi-residential projects in the Perth metro area.
“We can’t remember an entire island site with multi-residential potential coming on to our market in recent years.”
Mr Flynn said the island did not exist before the development of Port Coogee.
“Maraboo Island has been identified as a suitable opportunity for an external developer to deliver to help accelerate the growth of the community,” he said. “The site offers an outstanding opportunity for either a local and offshore developer to create something truly special. Something that will rise above the competition.
“Given the unique characteristics of the site, there are no direct sales comparables. We’ll have to wait for the market to tell us what it’s worth.”
Mr Flynn said recent statistics from the Real Estate Institute of WA showed that homes and single residential lots in North Coogee sold for about double the Perth metropolitan median and apartments were selling for about 26 per cent more than the Perth median.
The island is zoned residential R80, with potential for multiple development options, including residential apartments up to five storeys, subject to council approval.
In addition to the nearby marina’s facilities with a proposed 300 berths, there is also the potential for private jetties and moorings to be built on the island for its residents’ exclusive use.
Looking out towards Cockburn Sound, the Port Coogee estate is expected to house more than 4000 people with about 800 land lots and 1100 apartments. It is serviced by the recently opened Port Coogee Village Shopping Centre.
“The location also benefits from pristine white sandy beaches, numerous pedestrian walkways and cycle paths, children’s playgrounds and public open spaces, a waterside amphitheatre and fishing platforms,” Mr Flynn said.
The WA Government opened up the Port Coogee site for redevelopment in the 1990s and the first residential lots were sold in 2006.
Expressions of interest for Maraboo Island close on November 17.
Keep up with Commercial Real Estate news.