Colliers International to sell leased Perth office building

State government tenant to attract investors

Colliers International has been appointed to sell a leased office building in a Perth precinct that has been earmarked by developers for revitalisation.

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.

Related Experts

Tory Packer

Director

Perth

Tory has been in the commercial property business with Colliers International (WA) for over ten years. Throughout this time she has assisted in the management and sale of properties for high profile clients and government departments.

Tory has completed a Bachelor of Laws and Bachelor of Commerce degree majoring in Corporate Finance at the University of Western Australia. She is a licensed Real Estate Agent and a member of the Real Estate Institute of WA.

Tory has been an appointed agent on successful sales and marketing campaigns for the disposal of mixed-use and commercial assets. Investment services transactions negotiated recently by Tory include a number of tenanted investments, heritage refurbishment opportunities, existing buildings and residential, commercial and mixed-use development sites.

Tory has also undertaken frequent acquisition work on behalf of purchasers seeking to secure offmarket assets, and has developed comprehensive negotiation skills.

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Wayne Lawrence

Head of Investment Services

Perth

My commercial property experience spans almost 25 years and has been based on a solid foundation of 17 years in the valuation industry. My transaction experience varies from short stay accomodation to CBD offices. In the past 3 years I held a General Manager role at a private property company where I oversaw the acquisition and development of substantial commercial, retail and industrial projects and my experience on both the agency and client side of transactions has been immensely advantageous for my current role.

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