The property was put on the market by a private seller. Image – Supplied
  • 10 Richardson Street, West Perth has been purchased by Australian Development Capital
  • The largest sale in the past year for West Perth
  • The sale was managed by LJ Hooker's commercial branch

A 3 level office building in West Perth has sold for $13.1 million, agent Brian Neo believes the substantial sale is an indication of demand for the CBD fringe office markets.

LJ Hooker Commercial’s Mr Neo managed the sale on behalf of a private seller.

brian neo
Brian Neo. Image – LJ Hooker.

“The property sold for $13.1m which we believe is the highest sale in WEST Perth for the year.”

Brian Neo, LJ Hooker Commercial Agent

The asset was purchased by a private fund manager Australian Development Capital.

10 Richardson Street, located in the West Perth business hub, has been completely renovated. Tenants will have brand new end of trip facilities along with a fully refurbished lobby.

To best utilise its space, the building has large side-core floorplates. This means the modern lift is situated on the side of the building rather than the centre.

The low-rise is situated on a total land area of 1,695 sqm with a net lettable area of 2,345 sqm.

“Whilst two thirds vacant the buyers recognised the opportunity to acquire a fully refurbished building in an excellent location with high parking ratio,” Mr Neo said.

The site boasts a generous basement parking ratio of 1 bay per 45 sqm of leased area.

10 Richardson Street offers opportune transport links, with easy access to the Hay Street business hub and the Red and Green CAT Bus Service.

“During the due diligence phase, we have managed to secure a substantial new lessee with terms agreed derisking the investment substantially,” added Mr Neo.

“LJHC Perth will continue to market the remaining vacancy and manage the asset for the buyers.”

The news comes as Perth recorded a decline in office occupancy due to the current Covid outbreak – while occupancies are on the rise across the rest of the country.

Despite this and the increase in those working from home over the past two years, office assets have become sought after by investors.

This trend extends to car parks in the CBD too – GDI acquired $68 million worth late last year, in anticipation of the border reopening.

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