Dymocks reads the WA market

BEST known as a book retailer, Dymocks is now dealing in prime Western Australian real estate. Dymocks Properties Pty Ltd, a subsidiary of the Sydney-based family company Dymocks Holdings, has just placed one of West Perth’s premier office buildings on the market. The A-grade office complex, ‘Oracle’ at 66 Kings Park Road, has a net lettable area of 4,692 square metres, 112 car bays and a tennis court located over an undercroft car park. Dymocks bought the property in 2003 for $14 million, and received planning approval to construct a nine-storey residential tower of 20 apartments in March this year. But with office market conditions in Perth and West Perth the strongest in decades, a straight sale of the property is expected to more than triple Dymocks’ investment. Sale agent and Knight Frank commercial director John Corbett said the landmark office building was fully leased and had an annual income of more than $2 million. Mr Corbett said the property had significant potential for rental reversion, with most leases due for market rent reviews in the next 12 months. Current tenants include Oracle Corporation, Zurich Australia Insurance, Cedar Woods Properties, and Broadwater Hospitality. “The opportunity to secure a West Perth property of this calibre is very rare, so we expect significant interest from a range of local and national investors, developers and institutions,” Mr Corbett said in a statement. The 3,168sq m site has development potential with additional land available of over 900sq m. In addition to the West Perth property, WA Business News understands Dymocks also owns a parcel of land of about 40 hectares in the beachside hamlet of Horrocks, near Geraldton. Situated on the Horrocks escarpment, the site is believed to be a long-term hold for the company, despite plans by neighbouring Seaview Farm land owners to develop an 800-lot residential subdivision in the town. Jenelle Carter