Source : BUSINESS NEWS
Landmarc International Properties has purchased a building in West Perth for $4.88 million with a view to converting it to luxury apartments.
The Nedlands-based developer purchased 80 Colin Street from Knicross Enterprises, in a deal brokered by JLL.
The deal followed the recent divestment of the Ross Memorial Church on Hay Street to the Faith Community Church, which adjoins 80 Colin Street.
The two properties were initially offered for sale a part of one sales campaign, but Landmarc managing director Marcus Lip convinced the agent to separate the two assets.
“I was asked by the church to help identify a suitable property for them, and Ross Memorial Church immediately stood out,” he said.
“The property was originally being offered as three blocks together [but] given the church was heritage-listed, I felt it would be quite challenging for a developer to maximise the development potential of the entire site while dealing with the heritage constraints associated with the church.”
80 Colin Street now (left) and a render of Landmarc’s proposed changes. Photo: (left) Claire Tyrrell
Mr Lip, who has developed luxury properties in South Perth, Nedlands, Booragoon and Doubleview, was drawn to the uniqueness of 80 Colin Street.
He said another developer wanted to turn the two-storey mixed use building into a seven-storey development, which persuaded him to buy it.
“We had been looking at this precinct because of the church, and suddenly we realised that this beautiful old apartment building next door could potentially disappear,” he said.
“That was the moment we started thinking very seriously about acquiring it ourselves.”
The property, believed to be built in the 1920s, once housed medical and other professionals across 12 residences.
Landmarc plans to convert the building into a luxury apartment complex, with dwellings valued at at least $1 million.
The developer plans to restore the property and strata-title the units, so as to protect the building for the longer term.
“Rather than treating the property as one development asset that could eventually be acquired and redeveloped, the intention is to create a community of owners who collectively have an interest in maintaining the building’s character,” he said.
“We’re trying to give [the development] Westcourt the best possible chance of surviving another generation.”
ASIC shows that the vendor, Knicross Enterprises, is majority owned by Australian catholic group Knights of the Southern Cross.
That entity purchased the building from the Uniting Church in 1993, RP Data shows.
Landmarc has embarked on the renovation of the apartments and is going through some council approvals.
The developer expects completion in the first quarter of 2027.
JLL‘s Sean Flynn and Nigel Freshwater brokered the deal for 80 Colin Street.
