Canning Bridge Activity Centre to attract investors and developers
Perth, September, 13, 2019 – An investment-grade commercial building that is leased to a mix of established tenants in the riverfront suburb of Mount Pleasant has been listed for sale with Colliers International.
Lawrence House at 15 Ogilvie Road consists of a five-storey office building with city, Swan and Canning river views, a two-storey building leased to Clancy’s Fish Pub fronting Canning Highway and a rear four-storey car park.
Occupying a prime site in the Canning Bridge Activity Centre, which is being transformed into a major residential and employment hub, Lawrence House has a successful leasing track record. Its 11 tenants represent the telecommunications, IT, food and beverage, retail, financial services and lifestyle sectors.
It will be sold by Tory Packer and Wayne Lawrence who said the mixed-use building would appeal to investors seeking a well-leased asset in a sought-after area with good public transport connections to Perth’s CBD and Fremantle.
“Perth’s limited stock of investment-grade assets have a favourable yield spread compared with assets in the eastern states and this is driving strong investor interest,” Mr Lawrence said.
“Lawrence House is a quality office building that has leased well to a range of businesses and has a generous supply of parking bays.”
The building has an average weighted lease expiry (by income) of 2.7 years and could generate income in excess of $1.85 million per annum.
Ms Packer said the unique location of the Canning Bridge Activity Centre made it one of the busiest centres in Perth’s planning blueprint for future population growth, Directions 2031 and Beyond.
“Apartment towers, some under construction and some already completed will help to increase the number of dwellings in this activity centre from around 1,900 at present to 4,000 in 2031 and approximately 12,000 in 2051,” she said.
“Being a land-rich asset, we expect this property to appeal not only to local, but also to eastern states and offshore buyers chasing yield and long-term development upside.”
The building occupies a land area of 3,245sqm in the Canning Bridge Activity Centre’s Ogilvie Quarter and its mixed-use M15 zoning allows for a range of uses with a height limit of 15 storeys or 48 metres.
“With one of its boundaries offering commercial exposure to Canning Highway and Ogilvie Road connecting to an established residential area, the property will be suitable for a future mixed-use development that will align with plans to accommodate the area’s employment and population growth,” Mr Lawrence said.
The property is seven kilometres from Perth’s CBD and just a short walk from riverfront parkland and the Canning Bridge bus and rail interchange. A bus stop outside the building is serviced by high-frequency buses travelling between Perth and Fremantle.
Lawrence House will be sold by offers to purchase which close on October 31.