Perth physio building sells

A Perth building containing a physiotherapy business has sold for $2.51 million to private investors.

Tuyet Chau Huynh and Phung Tran Do bought 231 Bulwer Street from Diamond Oak 1977 Pty Ltd, in a deal brokered by Colliers.

Australian Securities and Investments Commission documents show Dianella’s Peter Thorp owns Diamond Oak 1977.

The two-storey building is fully leased to three tenants, including physiotherapist WA Sportsmed, with a combined rental income of about $145,000 per annum.

The property consists of consists of a two-level 826 square metre office and warehouse on 948sqm of land.

Colliers manager of investment services Shane Isaacs and director James Baker brokered the deal, which attracted strong interest.  

“We were pleased with the interest shown by potential buyers, who were drawn to the property’s prime city fringe location and the unique chance to acquire a landmark freehold commercial property in the area,” Mr Isaacs said.

He said the property also gave buyers the option to redevelop the site taking advantage of its prime corner position and generous development guidelines.

Mr Baker said land values in Perth’s fringe were steadily rising, due to limited supply and a growing demand from owner-occupiers, property developers, and investors.

“This trend is evident in the success of our sales campaign for 231 Bulwer Street,” he said.