19/02/2021 - 08:00

Interest grows in city-fringe commercial property

19/02/2021 - 08:00

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Emerging interest in commercial property in and around the western suburbs has resulted in several sales, collectively worth more than $10 million.

Interest grows in city-fringe commercial property
4/40 St Quentin Avenue sold off-market for $1.5 million.

LJ Hooker Commercial Perth director Brian Neo is confident for the year ahead, following a series of recent commercial property deals within the inner-city suburbs of Perth.

The agency has brokered several deals collectively worth more than $10 million across the western suburbs.

The largest transaction was the off-market sale of 8 Bay View Terrace in Claremont for $2.6 million, on a net yield of 5 per cent. Mr Neo said the 250 square metre property was a prime piece of blue-chip real estate, which had been occupied by a newsagency for about 30 years.

Nearby, the agency also brokered the $1.5 million off-market sale of 4/40 St Quentin Avenue in Claremont.

“Sold from one private family office to another, Claremont has strong demand for welllocated boutique offices,” Mr Neo said.

“A river suburb with town centre amenity and close to private schools attracts buyers to such asset classes like this one.”

Also in the neighbourhood, the firm negotiated the $2.1 million off-market sale of a warehouse at 29 Carrington Street in Nedlands, as well as the $1.5 million sale of the former Cottesloe Police Station at 550 Stirling Highway in Peppermint Grove.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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