Upgrade on cards for 12 Kings Park Road following sale

Perth – The former West Perth home of St John of God Health Care (SJGHC) has formally changed hands, with the sale to a private buyer settling on 1st October following a competitive on-market sale campaign.

The four-level building at 12 Kings Park Road includes 2,327sqm of office space and parking for 56 cars on a 1,788sqm site, with additional frontage to Colin Grove.

It has been majority vacant since owner-occupier SJGHC moved to its new corporate offices at Kings Square in late 2019.

The organisation’s home and ambulatory service, St John of Healthcare at Home – which is based at the property – will remain at the site.

The deal was brokered by Cygnet West’s (formerly known as Colliers WA) Wayne Lawrence and Tory Packer.

“This sale is a very clear demonstration of the fact that investor demand remains strong for West Perth office buildings,” said Ms Packer.

“This particular campaign was hotly contested by multiple local bidders including owner occupiers, resulting in a premium price for the vendor.”

Mr Lawrence said the sale was likely to signal an upgrade for the B-Grade building, which sold in September following the close of the Offers to Purchase campaign.

“We’ve seen net positive absorption in West Perth A-grade office space over the past six months, and vacancy has decreased by 3 per cent – as a consequence, the West Perth market has seen rental growth,” he said.

“It’s understood the new owner plans to upgrade the building to offer A-Grade office space, in order to capitalise on this market movement.”