A nine-level office building on a prime site in Perth’s CBD has been listed for sale through Colliers International.
Colliers International plans to promote the property at 125 Murray Street to buyers looking for counter-cyclical Perth assets and to investors and developers wanting to secure a refurbishment or conversion project.
The vacant building occupies a 1137sqm central-city site that is surrounded by a vibrant mix of hotels, apartments, retail and commercial buildings.
It is just 500m from Perth train station and 70m from Murray Street Mall, one of the city’s two busiest pedestrian and retail thoroughfares.
Built in 1980, the building has a net lettable area of 6325sqm, a 600sqm ground floor, a 156sqm mezzanine, eight levels of office space, a top floor balcony and 11-basement parking bays.
“In many ways, this building illustrates the challenge faced by vacant office buildings in Perth’s CBD,” said Colliers International’s selling agent Tory Packer.
“Although it is competing against newer or refurbished office buildings for tenants, it has a prime CBD location, a city centre zoning and a 5:1 plot ratio that make it a valuable long-term prospect for a range of buyers."
Ms Packer said the sale price would allow for conversions such as student accommodation or for refurbished office space as Perth’s office market recovers.
“Preliminary plans have also been drawn up to convert the building into a hotel,” she said.
A major infrastructure drive is unfolding in Perth and office building owners and tenants will be among the long-term beneficiaries as under-used parts of the city are reactivated.
The Murray Street building is close to new developments including Cathedral Square, and Yagan Square and Perth City Link, which have opened a pedestrian connection between the city and Northbridge.
It is also a short walk from Forrest Chase where a $70 million redevelopment has started and just around the corner from a 30-storey student accommodation development on Wellington Street.
The building will be sold by offers to purchase, which close on May 16.