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Inner city living fuels commerce

The strong interest in inner-city living continues to fuel demand for secondary commercial buildings within the CBD according to valuation firm Herron Todd White.

Their latest monthly review indicates the strong interest in residential redevelopment in the CBD has been further encouraged with the recent announcement of a rate reprieve by the City of Perth within a defined CBD precinct.

The former Town & Country building at 297 Murray Street, sold for $6.27 million, will be another addition to the trend of inner city apartments. Similarly, the Chamber of Commerce has sold their old headquarters at 190 Hay Street together with two adjoining sites for a reported $3.1 million. The six-storey office building is to be converted to residential apartments.

4 Bellevue Terrace, Perth has been purchased for $5.19 million and is earmarked for an exclusive apartment development.

According to the Herron Todd White review, yields of industrial properties are increasingly tight.

“An apparent reweighing of prime industrial localities by property trusts, local investors and syndicates is continuing to place downward pressure on yields of investment grade property,” the review said.

Sales in industrial property include the Arnotts development at 90-94 Bannister Road, Canning Vale for $3.9 million reflecting a yield of 8.16 per cent and the $8.25 million purchase of 39-69 Abernethy Road, Belmont reflecting an initial yield of 7.6 per cent on the partially leased building.

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