Newcastle Street Office Building

Sales campaign shows strong demand for Perth office buildings priced below $2 million

Colliers International negotiates sale of Perth office building for $1.3 million

 

The sale in June of a small but well-designed Perth office building mirrors strong demand for office properties priced under $2 million, according to Colliers International.

The office building at 115 Newcastle Street, which has an open-plan design and two staircases to the upper floor, attracted 29 inquiries before it was sold to an owner-occupier for $1.3 million.

Colliers International selling agent Shane Isaacs said most of the inquiries came from owner-occupiers wanting to take advantage of market conditions in Perth to secure their own office building.

“Perth office buildings in the sub-$2 million price range are tightly-held so when they do come to market there’s a fair bit of interest,” Mr Isaacs said.

The building has a character facade and its 350sqm of office space has views across Weld Square.

It occupies a 369sqm site in a busy pocket on the edge of the CBD and includes four parking bays.

The building was sold by an eastern states investor and the sale reflected a land rate of $3,523/sqm.


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Shane Isaacs

Shane Isaacs

Executive
Investment Services

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