Gary Dempsey pays $5m for Scarborough site
Family-owned developer and builder Gary Dempsey Developments has paid $5 million for a Scarborough site overlooking Brighton Reserve, and within the Metropolitan Redevelopment Authority’s Scarborough zone.
The site, now occupied by two two-storey homes could be redeveloped, has potential for a hotel or an apartment tower of up to 12 storeys with a restaurant or cafe.
The sale of 202-202A The Esplanade was brokered by JLL’s Nigel Freshwater, Sean Flynn and Tom Foley.
In the interim, the homes could deliver a gross holding income of about $100,000 a year, Mr Freshwater said.
The site looks out over the grassed Brighton Reserve which sits between the dunes and the beach, a site Mr Flynn said was “absolute beachfront”.
Mr Foley said the Scarborough master plan allowed for a range of uses, giving the new owner an opportunity to capitalise “on this truly world-class location”.
JLL WA’s strategic research manager Ronak Bhimjiani said economic and employment growth was improving, conditions likely to feed into Perth’s apartment market.
He said deteriorating conditions in Sydney and Melbourne enhanced countercyclical options in Perth.
Gary Dempsey Developments was behind Taskers in North Fremantle and Bluewater apartments, also in Scarborough.