Port Coogee is set to become home to a new marina-front tavern, following the $2.5 million sale of a 2,543sqm development site, brokered by leading independent commercial agency Cygnet West.

The property, located at 12 Calypso Parade, was sold by developer Frasers Property Australia to a private investor who intends to build a modern tavern facility which will become a major drawcard for the area.

Settlement of the transaction occurred on September 28.

Cygnet West Director of Retail Sales Tim Scott said Frasers had appointed Cygnet West to find the ideal operator to help shape the developer’s vision of creating a new oceanfront village at Port Coogee.

“This unique waterfront opportunity will significantly boost tourism in the area and make a significant contribute to the growing community,” Mr Scott said.

Mr Scott described Port Coogee as one of the Perth metropolitan area’s new upcoming destinations, with significant interest in the area from commercial investors.

“This purchase marks the 11th deal I have completed at Port Coogee in the last five years, highlighting the interest from the market,” Mr Scott said.

“We can expect to see great developments in the coming years as the suburb builds out more.”

With more than 600 new dwellings planned within the immediate Port Coogee area, Mr Scott said it was likely that the tavern would become a central hub for the community.

“A new tavern will provide significant amenity for Port Coogee locals, as well as patrons seeking an oceanfront hospitality experience from broader Perth,” Mr Scott said.

“Located just 5km from Fremantle, Port Coogee offers vibrant coastal living alongside a world-class marina. We expect this new hospitality venue will reflect the premium quality of development in the area.”