Leased West Perth office building goes to market

Colliers International and Knight Frank appointed to sell Richardson Street building.

A West Perth office building that is expected to transact on a yield of around 8 per cent has come to market through Colliers International Head of Investment Services Wayne Lawrence.

The office building at 38 Richardson Street, which is leased to an architectural practice, an engineering company, an accountant and a resources firm, has a net income of about $442,000 per annum and is being offered for sale at a time when few other leased West Perth buildings are on the market.

“The opportunity to purchase a fully leased office building on one of West Perth’s most accessible streets ensures there will be strong interest from commercial property investors,” Mr Lawrence said.

“With a contemporary façade and interior which were modernised during a 1998 refurbishment, we are expecting offers to come from local and eastern states syndicates, private buyers, and possibly some offshore interest as well.”

The four-storey office building has a net lettable area of 1212sqm and a 3.5 star NABERS Energy Rating. The building is just 60m from Thomas Street and a short walk from the free CAT bus that loops from West Perth to the eastern end of the city.

The office building occupies a 908sqm site with a generous parking ratio of 33 bays.

It has a diverse mix of longstanding tenants, including Hodge Collard Preston Architects, The Civil Group and Cazaly Resources.


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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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