Sterling Property has launched to market 647 Wellington Street, Perth, a 3,371sqm* corner CBD landholding positioned opposite RAC Arena. The site is being offered for the first time in 35 years, via a formal Offers Invited campaign closing 2pm Wednesday, 23 September 2026 (AWST), unless sold prior.
- 3,371sqm* corner landholding with dual street frontage, opposite RAC Arena
- Fully leased net income of approximately $596,000 per annum, tenant Acknowledge Education
- City Centre zoning permits up to 16,850sqm* of development floor area, with further upside under draft LPS3
- Offers Invited, closing 2pm Wednesday 23 September 2026 (AWST), unless sold prior
The corner site carries dual street frontage of 88.55 metres* to Milligan Street and 30.32 metres* to Wellington Street, a rare scale of exposure for a CBD landholding of this size. The property is improved with a fully leased two-storey commercial building occupied by Acknowledge Education, providing purchasers while development plans progress with holding income of $541,400.68 pa, rising to $596,000.68 pa once car bays are fully leased. The site has 2,452.50sqm* of net lettable area and 20 on-site car bays.
The site is zoned City Centre under the City of Perth Local Planning Scheme No. 2 and forms part of the P5 Citiplace Precinct, which supports a diverse mix of uses including residential, 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 available through eligible public benefits. The City of Perth’s draft Local Planning Scheme No. 3, now under formal public advertising, proposes a base plot ratio of up to 7:1 alongside revised height and built form controls for the precinct.
Award-winning architects MJA have prepared a conceptual feasibility scheme based on LPS2 illustrating the site’s capacity for approximately 296 one and two-bedroom apartments across 31 levels, incorporating a ground floor supermarket and activated commercial tenancies.
The site sits directly opposite RAC Arena and within walking distance of Perth Train Station, Perth Busport and the new ECU City Campus, 120 metres* away. The opening of ECU’s city campus has driven increased demand for residential accommodation, purpose-built student accommodation, hospitality and supporting commercial uses in the precinct, while excellent connectivity to the Mitchell, Kwinana and Graham Farmer freeways further enhances accessibility for future residents, students and workers.
“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.
“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.
“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.
The launch reflects growing momentum in Perth’s western CBD gateway, as ECU’s arrival continues to anchor demand for well-located residential, student accommodation and mixed-use development in the precinct.
The property is being offered For Sale via Offers Invited closing 2:00pm (AWST) Wednesday, 23 September 2026, unless sold prior.
