- Includes three commercial office buildings and four retail buildings
- Totals 47,123 square metres of net lettable area over the seven buildings
- Perth CBD continues recovery
St Martins Properties has recently listed a property with Savills, which will see three office buildings and four retail buildings with frontages to St Georges Terrace, Hay Street Mall and Barrack Street open to international expressions of interest.
The seven properties span 47,123 square metres of net lettable area, with the landholding a princely 7,456 square metres, one of the most extensive in the CBD.
“St Martins Centre offers to the market a landmark development with considerable scale on one of the largest landholdings in the Perth CBD, including both high quality commercial and retail accommodation,” said Barney Dear, Savills Associate Director of Capital Transactions.
“The asset also benefits from a diverse income profile while offering numerous repositioning opportunities.’
The sale comes as Perth emerges from the year-start lull in occupancy, The Property Council of Australia’s office occupancy as a percentage of pre-Covid levels by CBD showed Perth was tracking nearly 80% across the end of 2021, before slumping in March this year.
Office occupancy as a percentage of pre-COVID levels by CBD
Source: Property Council of Australia.
While this isn’t new office space coming online, The Property Tribune recently reported the Perth Office market has strong momentum, with future office demand expectations firmly rising: Formal Tenant Representations brief are 17% higher as of March 2022 versus the same time last year, according to JLL.
JLL’s research also found positive net absorption of 14,200 sqm was recorded across all CBD office markets during the quarter. Perth CBD recorded 9,300 sqm – the strongest result since the fourth quarter of 2018.