Tenancy guarantee an attractive option

PERTH’S newest inner city residential development is turning the heads of investors not only for its rich history and stunning interior fit-outs, but also for the tenant guarantee on offer from selling agents Asset Special Projects.

Under the guarantee, which is new to the Perth property market, investors in the $11.5 million Apartment 569 do not have to settle until a suitable tenant has been found and is ready to move in.

“We say they don’t have to settle until they have a tenant for no less than six months and paying no less than X amount of dollars,” Asset consultant Dean Rafferty said.

“This way investors get a true market indication of what their apartment is actually worth, and if they can’t get a tenant, they can walk away.”

The deal differs from the traditional rental guarantee under which developers promise investors a certain weekly rental income for a period of time.

If the property is empty or tenants are unwilling to pay the rent asked, the developers must top up the rental income.

Mr Rafferty said the inner city rental market was at an all-time high and there had been an enormous amount of interest in Apartment 569, located on Wellington Street.

“The residential leasing market in the Perth CBD is extremely strong, with high rentals being achieved ranging from $270 a week for one-bedroom unfurnished apartments to $500 for a three-bedroom furnished apartment,” he said.

“Demand in the market is being generated by young professionals working in the CBD and West Perth areas, international students and interstate employees of large corporations based in Perth.”

Apartment 569 leasing agent Mair & Co will be finding tenants for the development and property manager Diane Hewlett agreed the Perth CBD rental market was strong.

“The inner city rental market is very active at the moment, with most enquiries being for fully equipped corporate style accommodation for both short and long-term tenancies,” Ms Hewlett said.

Previously known as the Wesfarmers Building, the heritage-listed Apartment 569 has 47 apartments ranging in price from $189,000 for a one-bedroom apartment up to $275,000 for a two-bedroom loft apartment.

Built in 1898, the four-storey building originally was used as warehouse space for Sargood, Butler, Nicol & Ewan, and later for the Swan Brewery Company before it was sold to Wesfarmers.

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