With Perth’s CBD office vacancy rates approaching a record low it is little wonder that near inner-city office space has started coming onto the market.
With Perth’s CBD office vacancy rates approaching a record low it is little wonder that near inner-city office space has started coming onto the market.
CBD vacancy rates have plummeted to just 9.5 per cent, which is the strongest vacancy fall of any Australian CBD office market, and is approaching the 9 per cent level recorded in June 2002.
One of the earliest entrants to the welcomed upswing in aggregate demand for strata title commercial space has been Jean-mic Perrine, design architect of Subiaco’s landmark The Colonnade complex and the Box Building and the Next Building, both on Hay Street near Milligan Street.
Mr Perrine, through his Inter-West Pty Ltd, is currently offering commercial strata units in North Perth, at the corner of Bulwer and Fitzgerald streets, opposite the Hyde Park Hotel, within a dual-purpose, double-storey complex.
The development’s ground level offers 12 commercial strata units, all about 150 square metres.
Above them Mr Perrine has incorporated 16 residential units – four with just one bedroom and the remaining 12 each with two bedrooms.
Floor space for those with single bedrooms is 60sq m, while those with two bedrooms are 80sq m.
Off-road parking has been included with the commercial and residential premises in the complex.
Mr Perrine sold each of the 16 residences off-plan before construction commenced in late June, reflecting the continued vibrant conditions across Perth’s residential market.
Completion of the North Perth complex is expected either in October or early November.
Mr Perrine’s selling agent for the commercial ground floor units is Brad Smyth of Premium Property.
“Since the signs went up three weeks ago we have received over 25 enquiries and are currently negotiating with two purchasers,” Mr Smyth said.
“Although the main interest to date has been from owner occupiers for office use, we have had several inquiries from cafe operators.”
Mr Smyth said he recently made a tally of new inner-CBD strata title office buildings coming on stream in the next 12 months and had found just two premises in East Perth, three in Subiaco, and none in West Perth or South Perth.
“I know there is another property due to come onto the market in North Perth fairly soon,” he said.
“But apart from those and ours on Bulwer and Fitzgerald streets, the inner-CBD commercial market certainly cannot be described as offering much at this stage.”
With Mr Perrine picking the beginning of the upswing, more commercial strata titled properties can be expected to be constructed for the currently limited supply in the near inner-CBD market.
