Primewest co-founder Jim Litis, a towering figure in the commercial property sector, has added an iconic property to his portfolio. The company he built with John Bond and David Schwartz managed $15.5 billion in commercial property before its $600 million sale to Centuria in 2021.
Now retired, Litis has confirmed he is the buyer of a $4 million surf shack in Yallingup, which he plans to enjoy with his family. The 1.09-hectare property sits on an elevated block near the home of Tame Impala frontman Kevin Parker, who also records music there.
The shack includes a bedroom, bathroom, kitchen, outdoor shower, and BBQ area with panoramic views of Wyadup Beach and the Indian Ocean. While Litis was drawn to its privacy and simplicity, potential changes or additions may be on the horizon.
Seven Times the Returns in Booming Alkimos
Alkimos, one of Australia's fastest-growing areas, has seen a commercial property sell for $7 million to an offshore buyer—a $1 million gain per year since construction. The area's residential population is projected to exceed 31,000, with annual growth of 7.84% over the next eight years, far exceeding Greater Perth's 2.4% growth last year.
The fully leased property hosts tenants including a tax accountant, convenience store, gym, barber, church, and cafe-restaurant. The deal was negotiated by Jonathan Wong and Zach Schreier of Knight Frank, along with Benson Young of Hartanto Properties on behalf of seller Clearwin Investments Pty Ltd.
“The growth potential of Alkimos was also a strong drawcard—the area is part of a master-planned coastal corridor with ongoing infrastructure investment, including freeway and rail extensions, making it a high-growth area for both residential and commercial development,” Mr Wong said.
Alkimos is 42km north of the CBD and 14km north of Joondalup, with access via Mitchell Freeway and Butler train station. The fully leased Agora on Santorini includes six architecturally designed commercial spaces, with a net lettable area of 1,442sqm on a 5,104sqm site opposite Alkimos Park and adjacent to Alkimos Primary School.
Go Higher with Aged-Care Sale
An ageing society, driven by increasing life expectancy and falling fertility rates, is attracting investors to a strategically located aged-care development site in Perth's north. Lot 78 Paradise Quays in Ballajura is a 7,701sqm site adjoining the new Paradise Quays Lifestyle Village Estate for over-55s, which will have 77 homes for 130 retirees.
The site, about 13km from the CBD, is approved for residential aged care and permits development up to three storeys. Knight Frank agents Tony Delich and Zach Schreier are selling on behalf of Wattle Fairway, seeking a price in the mid $3 million range.
“The site's zoning and location position it strongly to capitalise on the City of Swan's rapidly ageing population and huge shortage of aged-care beds in the area,” Mr Delich said. “The City of Swan currently has a population approaching 150,000 residents, with more than 23% aged over 55, and demand for aged-care infrastructure is projected to increase significantly over the coming decades.”
