Scope Property Group purchased the Colin Street building, which changed hands for the first time in 25 years.
Scope Property Group has purchased a West Perth office building for $4.025 million from local investors, who held onto the asset for 25 years.
RP data records show that the West Leederville-based syndicator bought 147 Colin Street from Solar Peaks Pty Ltd, controlled by Cottesloe’s Stephen and Carol Wall.
The Walls initially purchased the three-storey building, which sits on the corner of Prowse and Colin Streets, in 2000 for $873,353, property records show.
Scope Property Group is controlled by Robert Engelhard and Shaun Quinlan, as directors of the company.
It is understood that Scope negotiated a tenant for the upper two floors of the building as part of the transaction, with the ground floor already occupied.
The transaction followed a $700,000 refurbishment of the property by the vendor.
Raine & Horne Commercial’s Matthew Edwards and Terry Menage brokered the deal for the property.
“We had a significant amount of buyers look at it,” Mr Edwards said.
The building comprises 1,022 square metres of net lettable area on a 751sqm block.
Mr Edwards said the corner location of the building, and its access to natural light were drawcards for the buyer.
