Congratulations to both of you - a toe in the water indeed !!!!
I know this block of land very well, and was there at the public auction when the Main Roads Dept sold it off on November 15 2006. I remember it being a stinking hot day, with the auction being conducted under the big tree at the rear of the block.
Being 801sqm, with an odd tapered rear, but significant frontage to both Thomas Street importantly and Prowse street quiet entrance, it was going to sell at a good clip. Having Totterdell Park at the back is also a big attraction.
Back then (only 9 months ago), the rate for land closer to the city in West Perth was going for about $ 2.5K per sqm, but that had a designated plot ratio of 2:1.
This block that you bought has a max. office plot ratio of 1.3:1, meaning you can erect a building with a max NLA of 1,041sqm. With a plate area of 250sqm (31% site coverage, allowing for council imposed setbacks) the height of the building allowed would be 4 storeys max.
Given the lower plot ratio available, everyone thought it would go for about 2.1K per sqm = 1.68MM.
We were all completely blown away when it sold under spirited bidding for 1.97MM to a young guy who was going to develop it.
Nothing happened from Nov 06 to May 07, as it sat there forlornly. I assumed something had gone wrong, as Rob Selid had it back on the market 6 months later, with a pretty cheeky asking price of 2.97MM. Not bad I thought, wait six months and just up the number in front by 1. Happy days.
It sat there unloved and unwanted for 2 months, and finally after much negative feedback, they dropped the asking price back to a still unrealistic 2.7MM. ($ 3.3K per sqm for 1.3 plot ratio land).
Anyway, that's a short bit of history of the block.
Good luck in your new endeavours. Give us a call sometime.