Strata offices snapped up

FUELLED by continuing low interest rates, many businesses are opting out of leasing and are choosing to invest in strata office developments.

In the past 12 months there has been a marked resurgence in office strata developments.

Colliers International research manager David Cresp said low interest rates were driving the growth and attracting small to medium businesses to invest in commercial premises, rather than leasing property.

Mr Cresp said Subiaco, West Perth and East Perth were proving to be popular locations for these types of investments, with many developments springing up along cafe strips and yielding attractive rates per square metre.

While this type of development is appearing in the suburbs, few developments have occurred in the Perth CBD.

One of those on the market is 33 Barrack Street, which will house Queen’s Counsels Mark Trowell and Tom Percy, who recently purchased strata office space in the building to establish new chambers. Both barristers had been members of the Francis Burt Chambers at Allendale Square and were not inclined to lease premises.

Mr Trowell said the close proximity to the law courts and the opportunity to buy the offices was a major factor in choosing to move from Francis Burt Chambers.

Charter Property listing agent Simon Corbett said the 16 strata offices redevelopment had attracted significant interest from the law industry due to its proximity to the law courts and affordable price tag.