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Australia Place hits market

PRIME CBD commercial property Australia Place will officially go on the market in the next two weeks with an asking price of around $35 million, according to industry sources.

Built in 1985, the 14-storey tower, located at 15-17 William Street, last changed hands for $30.13 million in 1996 when Sword Properties, a subsidiary of the Straits Trading Company, bought it from the Armstrong Jones Perth Property Fund.

The building was offered for sale by public tender in 1998 but did not sell.

According to Cityscope, Australia Place was valued at $69 million in 1989 at the height of the last Perth property boom, however that valuation dropped to $25 million in 1993 before climbing back to $33 million in the mid-90s.

Managed by CB Richard Ellis, the building has 15 by 274sqm of net lettable area, all of which is leased to premium tenants that include Freehills, Kott Gunning Barristers & Solicitors and Montagu Stockbrokers. The Federal Government recently took out a 10-year lease over three floors to house its Child Support Agency.

The news comes amid a busy month in the CBD property market.

Futuris Corporation subsidiary Caversham Property Pty Ltd secured a $30 million option over 100 St Georges Terrace and announced plans to construct a 25-storey office tower.

Caversham now joins Hawaiian, Cape Bouvard and James Fielding Investments in the race secure tenant pre-commitment and build Perth’s next office tower.

Perth syndication company Glenmont Properties secured an option over the 20-storey AXA Centre at 111 St Georges Terrace and General Property Trust signed off on the $45.03 sale of its half-share in Allendale Square to Cape Bouvard Properties.

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