Gary Dempsey pays $5m for Scar­bor­ough site

The West Australian - - PROPERTY - HE­LEN SHIELD

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.

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