THE Bible Society in WA Inc has sold its state headquarters at 122 Adelaide Terrace to a Malaysian-based investor for $2.25 million.
Bible Society spokesman Gordon Waghorn said the group had downsized its operations and no longer needed a CBD presence.
“We will now invest the funds in our core business,” he said.
Bob Perman, principal of selling agency Perman and Associates, said the vacant area and the car bays would be leased in the short term, with the site then likely to be redeveloped into a multi-level residential complex.
“The sale has set a new benchmark for land values at the eastern end of Adelaide Terrace, but compared to West Perth it’s still cheap,” Mr Perman said.
“The recent launch of Queens, the first precinct in Stage 1 of the East Perth Redevelopment Authority’s Riverside project, on the corner of Plain Street and Adelaide Terrace, has rekindled interest in this area of town.”
The building, which was constructed in 1966, has a net lettable area of approximately 1120 square metres.
The site has a 30-metre frontage to Adelaide Terrace and a total area of 1838sq m.
The Bible Society has vacated 640sq m on the first floor and relocated its operations to Belmont.
The ground floor is leased to the Word Bookshop until June 2007.
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