Pindan Capital buys huge Ferndale Development
Pindan Capital, the funds management arm of leading Western Australian integrated property and construction company Pindan, has paid $6.4 million for one of the last available infill development sites in suburban Ferndale in a deal negotiated by Knight Frank.
The 1.24 hectare site, on Metcalfe Road mid-way between Nicholson Road and High Road, is zoned Residential R80, with the potential to create a townhouse development or medium rise units.
The site is located within an existing residential area and according to Knight Frank could be developed to potentially one to three storeys.
It is close to the Canning River and adjoins Ferndale Park - a large sports ground with three separate ovals.
Knight Frank director Todd Schaffer said a number of developers had shown interest in the property, with Pindan attracted by its strategic location close to Albany Highway, with the Lynwood Village Shopping Centre directly opposite and Westfield Carousel just a few kilometres away.
He said in addition to its obvious accessibility and transport options, it was also close to public amenities, schools and other lifestyle facilities.
“Several residential developers saw this site as an opportunity to create a landmark residential development just 12 kilometres from the centre of Perth,” Mr Schaffer said.
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