Colliers International negotiates sale of Brown Street building
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.