State government tenant to attract investors
The two-storey building at 190 Stirling Street consists of two titles and has 2,795sqm of modern office space and 80 car bays.
Selling agents Tory Packer and Wayne Lawrence said the sale would attract local and eastern state-based buyers wanting to secure a leased asset in Perth’s commercial property market.
“The anchor tenancy to a state government agency will be high on the investor check list and with its occupancy at 89 per cent and the gentrification of Stirling Street well underway, we are expecting a strong level of interest,” Ms Packer said.
The state government occupies just over 64 per cent of the building while government and financial services advisory companies lease 690sqm.
The building has an estimated fully-leased net passing income of $1,063,629.
Mr Lawrence said a spate of new residential and commercial developments, and more in the planning phase, made Stirling Street a restoration and development focus.
“At less than one kilometres from the centre of the CBD, this building is well-placed to appeal to tenants seeking high-quality office space in an up-and-coming part of Perth that is already benefiting from an activated streetscape,” he said.
Mr Lawrence said the building’s significant land holding, which had a mixed-use zoning, a density code of R80 and a height limit of five storeys, would also add to its long-term investment appeal.
“The building sits on a 3,958sqm corner site with street frontage to Stirling, Edward and Parry streets offering flexibility for a future development.”
Offers to purchase 190 Stirling Street close on November 14.