TWO adjoining buildings at the western end of St Georges Terrace are being offered to the market by Knight Frank, a move the agency believes will test the CBD property market for the first time in 2002.
The buildings at 255 and 267 St Georges Terrace are positioned at the western gateway to the CBD, across the road from Barracks Arch, and are both owned by German family company Beaudame Pty Ltd.
The properties will be sold either as one parcel or as two separate properties, depending on the outcome of the expressions of interest process.
Knight Frank commercial sales director John Corbett said both were fully tenanted, with pending rental increases, and a fully leased car park would generate more than $890,000 in annual income.
He said current rents in the buildings were around $140 per square metre, which was around one third of the rents proposed for the nearby Woodside development and even lower than office space in Kings Park Road in West Perth, where rentals were between $220 and $260 per square metre.
Mr Corbett said 267 St Georges Terrace was a five-level office building set on 1789 square metres of land, with a net lettable area of 3484 square metres and basement parking for 37 cars.
He said 255 St Georges Terrace was a four level building on 697 square metres of land, with 589 square metres of net lettable area and 48 car bays over two basement levels.
“Another highly attractive feature of these buildings is the car bay ratio, which at one bay per 46 square metres of office space is four times higher than the CBD and marginally higher than West Perth,” Mr Corbett told Business News.
