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.