A West Perth office building that is expected to transact on a yield close to 8 per cent has come to market through Wayne Lawrence, Head of Investment Services at Colliers International's Perth office, and Knight Frank Partner Todd Schaffer.
The office building at 38 Richardson Street, which is leased to an architectural practice, an engineering company, an accountant and a resources firm, has a net income of about $442,000 per annum and is being offered for sale at a time when few other leased West Perth buildings are on the market.
“The opportunity to purchase a fully leased office building on one of West Perth’s most accessible streets ensures there will be strong interest from commercial property investors,” Mr Lawrence said.
“With a contemporary façade and interior which were modernised during a 1998 refurbishment, we are expecting offers to come from local and eastern states syndicates, private buyers, and possibly some offshore interest as well.”
The four-storey office building has a net lettable area of 1212sqm and a 3.5 star NABERS Energy Rating. The building is just 60m from Thomas Street and a short walk from the free CAT bus that loops from West Perth to the eastern end of the city.
Mr Schaffer said the office building occupied a 908sqm site with a generous parking ratio (33 bays) that would be a strong lure for investors.
“With a diverse mix of longstanding tenants, including Hodge Collard Preston Architects, The Civil Group and Cazaly Resources, we are expecting strong interest in this Richardson Street building,” he said.