$11.5m sales kick up in commercial property

Transactions are flowing this week in commercial property, with $11.5 million in fresh deals indicating owner-occupiers are starting to take advantage of a competitive market for buyers.

The highest value deal was in Burswood, and will allow landscaping firm LD Total to shift to new digs.

LD Total’s owners, the Fiore family, bought a two-storey office building in Burswood for $4.6 million.

The building is located on the corner of Burswood Road and Kitchener Avenue, and comprises a 1,350 square metre office development and totals 1,592sqm.

The deal was brokered by CBRE’s Michael Milne, who said the transaction was indicative of owner occupiers taking advantage of favourable market conditions.

Mr Milne said it was a similar deal to Capricorn Society’s purchase of the old Forge headquarters in Troode Street, West Perth, in May last year.

Meanwhile, Stanley International College has acquired a prominent development site within the new Mirrabooka Town Centre, in a deal worth $2.7 million, also brokered by CBRE.

The 5,254sqm site is located at 9 Chesterfield Road, while planning guidelines for the area would allow for a nine storey development.

Stanley International College is planning a two to three storey school at the site, with six levels of student accommodation.

Mr Milne said the sale was negotiated on behalf of a liquidator appointed to sell the deceased estate property.

Also this week, Burgess Rawson director Brian Neo brokered the $2.6 million sale of an office in Fremantle, and the $1.6 million sale of an office/consulting room property in Nedlands.

In Fremantle, Mr Neo sold the office building at 35 Adelaide Street, tenanted by Access Housing Australia and Swan River Law, with the transaction representing a yield of 7.5 per cent.

The two-storey building was refurbished in 2013.

In Nedlands, Mr Neo brokered the sale of 49 Hardy Road, a 120sqm character office in the suburb’s medical precinct.

“Properties within this location rarely come up for sale, the property will be fully refurbished and renovated,” Mr Neo said.

The property is currently vacant.