East Perth office building sells for $7.1 million

Colliers International negotiates sale of Brown Street building

A leased office building in East Perth’s Claisebrook Village has been sold to a private investor for $7.1 million.

The Brown Street building, which is leased to the Minister for Works for a net income of $548,068 per annum, attracted three bidders and was sold before the end of the campaign, with a yield of 7.72 per cent.

The sale was negotiated by Colliers International’s Wayne Lawrence and Tory Packer who said buyers were attracted by the secure lease and the property’s land value.

“The site has good view corridors to Claisebrook Inlet and bidders saw the medium to long-term possibility to redevelop the site to accommodate an apartment or a mixed-use development,” Mr Lawrence said.

The 1145sqm office at 16-20 Brown Street was renovated in 2009 and is leased until 2022 with an option to renew. The modern office includes two open plan work areas and occupies a 2045sqm site.

Ms Packer said the scarcity of leased office buildings coming to market ensured a good level of interest during the campaign.

“With Claisebrook Cove just 120 metres away, and the eastern end of Brown Street leading to the Swan River foreshore, this sale also represented an opportunity to buy into East Perth’s established waterfront development,” Ms Packer said.

“With the opening of the Matagarup Bridge, the property also offers convenient access to Optus Stadium and the Burswood Peninsula.”

The property is 3km from Perth’s CBD and has a 45m frontage to Brown Street.

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Tory Packer

Director

Perth

Tory has been in the commercial property business with Colliers International (WA) for almost 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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