Developer Ascot Capital has appointed national construction company Probuild to build its apartment development at 108 Bennett Street in East Perth, with construction expected to kick off in coming weeks.
The 42-apartment complex only has one dwelling left for sale, with investors particularly keen on inner-city apartments, according to selling agent Knight Frank.
Knight Frank’s Melissa Brown said East Perth had long been a favourite for inner-city residents.
“There is so much going on in East Perth, with new developments set to increase the amenity of the area that will complement the village lifestyle of nearby Claisebrook inlet and its restaurants and cafes,” she said.
“The area will also benefit enormously from the new sports stadium that is currently under construction across the river in Burswood and the expansion of the Crown Casino with its six-star hotel.
Marketforce has been in the building at 1314 Hay Street for more than 40 years.
Knight Frank director Tony Delich said the length of the tenancy meant the building was highly attractive to investors.
It is fully leased until 2019.
“The cash sale, prior to the completion of the formal sales process, clearly indicates the strength of the market for high-quality, well tenanted office buildings in West Perth,” Mr Delich said.
“We had genuine interest from several local investors and syndicates and could have sold the building several times over.”
Also this week, Knight Frank brokered the sale of three strata suites at 41-43 Ord Street in a transaction worth $4.4 million.
The suites were sold to a local private investor, according to Knight Frank associate director Todd Schaffer.
"Strata suites in West Perth are quite rare and as a result we saw quite a high level of interest in these properties," Mr Schaffer said.
"The selling price represented less than $6,000 per square metre, which is a very competitive rate in the current market."