The Subiaco-based fund manager has sold an 809sqm block to a local developer for $2.13 million.
Westbridge Funds Management has sold a development site in Daglish for $2.13 million to East Victoria Park’s Develop Capital.
The Subiaco funds management company divested 42 Cunningham Terrace after deciding not to pursue a multiple dwelling development on the site.
RP Data records show that Thundergrove Nominees, wholly owned by Develop Capital managing director Adam Barry, bought the property from MW Investments No. 17.
The latter entity is owned by Westbridge Funds Management chairman Damian Collins.
Mr Collins said the company wanted to focus on its larger developments going forward.
These include a luxury apartment complex at the site of the former Yelo Café in Trigg, where Unearthed Homes has picked up the build of a four-storey apartment development following the collapse of Mercedes Construction.
Additionally, Westbridge is planning to revitalise Subiaco’s Regal Theatre site with a $78 million apartment project.
Business News understands that Develop Capital intends to build townhouses on the Cunningham Road site.
Westbridge purchased the land for $1.92 million in December 2021.
Bellcourt Property Group brokered the deal, describing the asset as “an amazing opportunity for developers, investors or owner occupiers looking for a dream western suburbs location”.
