Rare opportunity to acquire fully leased office asset in emerging precinct
Perth – Leading commercial property agency Cygnet West has been appointed to sell 190 Stirling Street on Perth’s CBD fringe, with the fully leased office building having strong redevelopment potential as well as solid yearly income.
Located less than a kilometre from the centre of Perth’s CBD, 190 Stirling Street comprises a modern, two-storey office building anchored by a state government tenant, which contributes more than 60 per cent of its income.
The fully occupied 3,221 square metre property, which is zoned for mixed use, has frontages to three streets and is leased to four tenants, generating a net passing income of more than $990k per annum.
The sale also includes an adjoining car park site at 192 Stirling Street, taking the total capacity of the combined sites to 80 cars, while the net lettable area of 190 Stirling Street totals 2,795sqm, across two floors.
Cygnet West’s Wayne Lawrence and Tory Packer will coordinate an Offers to Purchase campaign that closes July 28.
Mr Lawrence said the sale represented a rare opportunity to acquire an income-producing asset in one of Perth’s up-and-coming precincts.
“Stirling Street has been the focus of developers for several years, with a spate of new residential and commercial developments contributing to the revitalisation of the area,” Mr Lawrence said.
“That includes new offices, apartments and student accommodation projects, which have contributed to making the Stirling Street strip a vibrant community.
“190 Stirling Street appeals to tenants seeking high-quality office space close to the CBD and Northbridge, but without the parking issues that come with being located in the city centre.”
Ms Packer said Stirling Street had historically been tightly held, with 190-192 Stirling Street likely to garner significant interest from local and interstate investors.
“The building is fully leased, with the likes of the Department of Communities, Hope Community Services, Abbott Native Title Trustees and Claro Aged Care and Disability Services making up an impressive list of tenants,” Ms Packer said.
“Current planning controls suggest the land can be developed to at least four storeys, so the building will appeal to those looking for cash-flow as well as those looking to add value in the future.”