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West Perth building sells for $16.57 million

Colliers International sells office building at 1101 Hay Street

Qube Property Group and Dorado Property have sold a leased office building on Hay Street in West Perth.

The seven-storey building, Binary 1101 Hay, sold for $16.57 million, on a net passing yield of 8.3 per cent to a private WA-based company.

The off-market sale was brokered by Colliers International’s Wayne Lawrence and Tory Packer, who said the sale reflected a rate of $6,600 per square metre, a strong result for West Perth.

“Confidence is gradually returning to the office markets in Perth and West Perth and there is renewed interest in buying leased office buildings,” Mr Lawrence said.

“Importantly, the transaction points to an appetite amongst WA private buyers for substantial office assets.

“We are aware of a number of private family companies in Perth that are keen to invest in offices and have the capacity to transact on office buildings up to $100 million.”

Built by the vendors five years ago, Binary 1101 has a net lettable area of 2,510 sqm and is 93 per cent leased. The building has 27 car bays and a bike storage area. It occupies a 932 sqm site and has five tenants, including oil and gas contractor Saipem. 

Ms Packer said the high yield reflected rents set during the mining boom when Perth’s office market peaked.

“If rents were at the current market level, the yield would have been close to 6.75 per cent,” Ms Packer said.

“The Binary building is walking distance from the CBD and with a 4.5-Star Nabers energy rating, will hold strong appeal for energy-conscious tenants.”

Related Experts

Wayne Lawrence

Head of Investment Services

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.

View Expert

Tory Packer

Director

Investment Services

Perth

Tory has been in the commercial property business with Colliers International (WA) for over 11 years. 
Throughout this time, she has assisted in the sale and acquisition of over $200million worth of property for high profile clients, investment syndicates, corporations and government departments.


Tory has established herself as an experienced investment services expert in the Perth market, focusing on combining buyer engagement success and effective sales strategies to achieve optimal outcomes for her clients.
Her success is based on her market leading knowledge, comprehensive understanding of investment disposals and market reach throughout local, national and offshore markets.


In order to cultivate her track record, Tory spends time with buyers and sellers located interstate and offshore to present opportunities and establish relationships across the widest possible market. 
Tory is results driven and has established long-term partnerships with her clients, frequently exceeding her client’s expectations.

A sample of recent transactions completed by Tory include:
•105 Lord Street, Perth $21,000,000
•179 St Georges Terrace, Perth $18,250,000
•1101 Hay Street, West Perth $16,575,000
•Lots 37 & 38 Montario Quarter, Shenton Park $16,300,000
•100 Chisholm Cres, Kewdale $14,500,000
•592-616 Hay Street, Jolimont $13,000,000
•24 Chesterfield Rd, Mirrabooka $8,900,000
•15 Leila Street, Cannington $8,310,000
•7-41 Henderson St, Fremantle $8,250,000
•125-129 Murray Street, Perth $8,100,000
•20 Brown Street, East Perth $7,100,000

View Expert