This article is from the Australian Property Journal archive
SHORT supply of leased properties in Perth’s commercial property market has seen strong competition at auction for an Osborne Park showroom in Perth’s northern suburbs.
Local investors eventually won out for the 15 King Edward property, purchasing the asset for $2.75 million under the hammer at a passing yield of 6.13%.
The 2,000sqm site is on the corner of Carbon Court and has a 1,050sqm showroom building, leased to Divots Golf Services, a franchisee of Australia’s biggest golf retailer Drummond Golf.
It also includes a partitioned 72sqm office with a boardroom and staff facilities, mezzanine storage area and courtroom, and on-site parking.
It has a development zoning and is located inside the Stirling City Centre Precinct.
Colliers International’s Stephen Baker and Raj Singh marketed the property.
“The sale price shows that even though we are in a slower market, there is still strong demand for leased investment property,” Singh said. “Osborne Park started as an industrial area but its transition to a busy, inner-metropolitan commercial centre has made it a sought-after location that is tightly held by investors.”
Australian Property Journal
