Offshore investors continue to be a strong presence in Perth’s commercial property market with a Malaysian buyer securing a prominent Claremont building for $12.35 million.
Colliers International’s Ben Tana negotiated the off-market sale of 22 St Quentin Avenue, a leased two-storey office and retail building opposite Claremont Quarter, one of Perth’s leading shopping centres.
The 1076sqm building has eight ground floor tenancies and 10 first-floor tenancies and occupies a 1952sqm site.
The sale reflected a yield of 4.6 per cent.
Mr Tana said the property’s location in the centre of Claremont and its mix of tenancies, ensured strong interest.
“This building is positioned in the heart of Claremont with more than 30 metres of frontage to Claremont Quarter Square,” he said.
“It also has frontage to Stirling Highway and Church Lane, and its 2.0:1.0 base plot ratio provides the opportunity to capitalise on the high underlying land value with a future redevelopment.”
Mr Tana said Perth’s stable and transparent commercial property market was particularly attractive to offshore investors with domestic motivations to diversify and de-risk.
“The high net worth individuals and investment partnerships that are looking to be a part of WA’s economic growth are seeking quality assets with resilient income streams,” he said.
In a transaction earlier in July, which was also negotiated by Mr Tana, a Chinese buyer purchased Kelmscott Plaza for $19 million.