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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.

Related Experts

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

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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.

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