Skip to main content Skip to footer

Warrington Property acquires Perth office building for $18.25 million

CBD tower at 179 St George’s Terrace sold off-market through Colliers International

Warrington Property has added a Perth CBD office building to its portfolio with the purchase last week of the eight-storey tower at 179 St George’s Terrace by its WPVAT II fund, using 100 per cent equity from the fund.

Located on a 787sqm site on the corner of St George’s Terrace and Mercantile Lane, the off-market sale of 179 St George’s Terrace was brokered by Colliers International’s Wayne Lawrence and Tory Packer.

Warrington Property, a strategic value investor that identifies and invests in undervalued property in key growth markets across Australia, paid $18.25 million for the B-grade, 4,164sqm building which was left with a high vacancy after the departure of former tenant Rio Tinto.

Warrington Property intends to replicate the leasing success it achieved at 66 Kings Park Road in West Perth, which was also purchased with a low occupancy and is now close to being fully leased after an extensive refurbishment.

The vendors of 179 St George’s Terrace were private offshore investors.

Colliers International Head of Investment Services Wayne Lawrence said the investment focus in Perth had broadened to include office buildings with value-add potential.

“Demand is still strong for leased office assets but with confidence gradually returning to the leasing market, there is also an appetite to purchase buildings with high vacancies and good leasing prospects,” Mr Lawrence said.

The building has a modern lobby and side core floor plates of around 420sqm on the lower levels and 570sqm on the upper levels. It also has three facades of unobstructed natural light and a basement with 16 car bays.

Ms Packer said 179 St George’s Terrace enjoyed a prime location in Perth’s CBD and Warrington’s refurbishment plans would restore and maximise its appeal to tenants.

“We expect ongoing yield compression and rental growth to be the drivers for office capital growth in Perth in the next few years,” she said.

Colliers International’s office leasing directors Daniel Taylor and Dustin May have been appointed to lease the building.

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