1000 Hay Street hits market

AFTER 25 years trading at 1000 Hay Street, Insite Commercial Interiors are following their clients out of the city centre and moving to new premises at 555 Newcastle Street, West Perth.

Insite Commercial Interiors executive director Ron Bullen said the company had chosen to move to West Perth as more of its fitout clients were moving away from the CBD.

“More and more companies are operating in the fringe CBD,” he said.

Mr Bullen said that as well as Subiaco, areas such as Malaga, Canning Vale and Kewdale had enjoyed significant growth.

He said the company’s relocation to the Newcastle Street property meant it had easy freeway access, parking for clients and also enabled the new headquarters to be fitted out to reflect the range of layouts and products available.

The company is vacating one of the few showrooms left in the city centre and owner Woody Woodpecker Nominees Pty recently placed the property on the market, opening up a prime redevelopment site in the western CBD.

Perman & Associates principal Bob Perman said 1000 Hay Street would be offered to the market for sale by expressions of interest with vacant possession.

The property consists of a 942 sqm showroom-office complex with a detached warehouse providing 714 sqm of secure storage or car parking for 28 vehicles over two levels.  Internally, the main building has been extensively renovated, providing a retail showroom with modern offices.

Mr Perman said the property had potential for an inner city retail or residential development.

“It has a land area of 1,224 sqm, a plot ratio of 4:1 and with bonus allowances could accommodate a 5,500 sqm development,” he said.

Mr Perman said the property’s location at the increasingly popular west end of Hay Street would attract the attention of both investors and developers, however, he expected the property to attract significant interest from owner-occupiers.

“There has been a real trend for building and architectural companies to move out of highrise buildings and base themselves in a self-contained building and redevelop it in their style,” he said.