Office building offers growing potential

One of Perth’s prime St George’s Terrace office buildings situated between Perth’s two landmark office towers of QV1 and Central Park is for sale at an asking price of $8.85 million.

Knight Frank and DTZ Debenham International are joint agents in the sale. The building comprises a basement carpark, ground floor and seven upper levels of offices with a total building area of 4252 square metres.

Tenants in the fully leased building include Elders Ltd, Associated Marine Insurers, The Munich Reinsurance company and CGU Insurance limited which alone occupies approximately 63 per cent of the building.

DTZ Debenham International managing director, Brad Carey said, “seldom does a modern fully leased investment property in this price range become available in St George’s Terrace.”

Total current net income is $658,760 per annum, indicating a yield of 7.44 per cent.

“Rents for similar buildings just up the hill in Kings Park Road are at over $200 per square metre,” Mr Carey said.

“Therefore, there must surely be a correction upwards for this end of the Terrace, offering buyers some reasonable expectations of future growth.”

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