North One attracts commercial investors

Medical groups have purchased three commercial lots at Pindan Capital’s North One development in Subiaco, with six of the 17 premises at the mixed-use project sold just weeks after construction was completed.

Selling agent CBRE was asking for between $9,000 and $10,500 per square metre for the lots, which range from 80sqm to 362sqm.

In total, there are 17 commercial and retail premises at the North One complex, which is in close proximity to St John of God Hospital Subiaco and also includes 88 apartments over four levels.

CBRE’s Ben Younger said three lots had sold to medical groups, while an IT firm had secured another, with a total of six sold.

He said he was in negotiations for three more of the premises, with the proximity to the hospital a major drawcard for the medical groups.

“The potential for medical use was an added advantage associated with this offering,” Mr Younger said.

The project was developed by Pindan Capital in conjunction with ISPT.

Meanwhile, CBRE today listed a retail property at 92-94 Barrack Street for sale.

The property has a lettable area of 828sqm over two levels, with long-term tenants in City Sunset Souvenirs & Giftware, Shiro Fashion and OMG Internet.

Mr Younger said the location of the property, close to Mirvac Group’s 33-level office tower and the upcoming six-star hotel at FJM Property’s State Buildings at the Cathedral and Treasury Precinct gave it solid fundamentals.

“The Perth CBD is undergoing a major transformation and this property is positioned to leverage off its prime position surrounded by several landmark projects,” he said.

The property, which is being sold via an offers invited campaign, also offers redevelopment potential with a 6:1 plot ratio.