EXPRESSIONS of interest are being called for the heritage-listed property at 18-20 Howard Street, Perth. The building, owned by a foreign investment group, was built in 1905 and is being marketed by Colliers International.
The agency expects the heritage property to attract interest from commercial owner-occupiers keen to relocate to the unique building and central location.
The property has a net lettable area of 550 square metres, a land area of 334sq m, and has retained its original features.
Colliers International research manager David Cresp said with strata title property being marketed on St Georges Terrace at $4000/sq m, it was likely that the property would have potential to be converted into commercial strata title offices.
Earlier this year the historic headquarters of one-time legal firm Parker and Parker at 21 Howard Street was offered to the market.
Despite interest in the heritage listed property for its residential conversion potential, the property was passed in after only achieving a bid of $1.5 million, which was well short of the UK owners’ $1.75 million sale price. The property is yet to be sold due to the low yield of the property and the limitations posed by the building’s heritage listing.
According to Colliers International commercial and investment sales director Ian Mickle, owner-occupier demand has been strong and 18-20 Howard Street offered the potential for a unique office environment.
“This is a unique building that is very centrally located and offers a variety of options for a purchaser,” Mr Mickle said.
Expressions of interest close December 17 2003.
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