Commercial property bounces in Subiaco

THE market for boutique commercial property in Subiaco continues to show good growth as parking pressure pushes businesses westwards from the city centre.

The strength of the owner-operator market in Subiaco is underpinned by convenient parking and good coffee, according to Raine & Horne managing director Peter Vetten.

“The parking is generally friendlier in Subiaco and I think that’s a major issue,” Mr Vetten said.

Convenient parking is an important issue for businesses that rely on clients visiting their office during business hours, he said.

And the old Subiaco houses that have been refurbished and converted into offices seem to appeal to professionals such as accountants and lawyers.

“The demand in Subiaco is very strong right now both for offices and retail,” Mr Vetten said.

“As far as new offices [go], office space in Subi Centro is selling for between $2,800 and $3,000sq m.”

But it’s not just the parking that’s attracting businesses to commercial property in Subiaco.

In nearby West Perth, strata title office developments aren’t as common, Mr Vetten said.

“I haven’t seen any recent [strata title] office developments in the heart of West Perth,” he said.

“The demand for owners/operators is exceptionally strong.”

Mr Vetten said the sale of new commercial property in Subi Centro had allowed vendors to achieve higher prices.

“Traditionally in Subiaco you picked up reasonable commercial property for between $1,800 and $2,000sq m,” he said.

“It’s taken people a while to understand that $3,000sq m is the market.”

Roy Weston principal Alex Kotovski said the new commercial property in Subi Centro was drawing some professionals out of the city.

“A lot of the principals of companies live in the western suburbs and it’s a lot easier for them to get into Subiaco,” he said.

“And there’s nothing new in the heart of West Perth apart from the development on Railway Parade.

Computer Science Corp has just finalised a deal to lease 5,000sq m of the Saracen Properties building on the corner of Roberts Road and Hay Street.

The $23 million building adds further strength to the commercial profile of Subi Centro.

CB Richard Ellis senior commercial leasing negotiator Sonia Fairhead said the inquiries for commercial property in Subiaco had grown considerably over the past three years.

“It’s partly based on location and the fact that it’s open all night,” she said. “I think that’s quite attractive to companies that have to work late.

“There are other factors, such as parking, and a lot of people see Subiaco as a much more relaxed environment.”

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