This article is from the Australian Property Journal archive
ALMOST 2,200 sqm of office space within the Halcyon House office building in West Perth has been leased as the CBD market’s recovery flows over to the fringe, according to leasing agents.
Knight Frank’s Greg McAlpine and Sallese Wilmot-Barr handled the leases within the A grade building owned by Woss Group at 1 Campbell St.
They include five-year deals with RAC and Atlas Professionals over levels one and four respectively, and rail haulage group WATCO has taken a four year lease over part of the ground floor.
McAlpine said only levels two, three and part of the ground floor were still available.
He said the building’s ideal location overlooking Harold Boas Gardens, its easy access to major road systems and proximity to the West Perth train station, along with its high level of finishes and security had made it an extremely popular choice.
“The market is certainly turning and it is buildings like Halcyon House that will be snapped up first, followed by other A-grade buildings and quality boutique stock,” he said.
According to the Property Council, Perth CBD vacancies inched further downwards to 18.4% in the six months to July, its lowest level since July 2015. West Perth vacancies rose from 14.8% to 16.9%, although the A grade vacancy fell from 11.5% to 11.2%.
Wilmot-Barr said the West Perth vacancy rate was slowly falling with those buildings that had upgraded or provided new facilities like end of trip were emerging as the front runners.
She said the traditional cycle would likely see some tenants return to West Perth from the CBD as rents in the city started to climb, however they would still be looking to a level of amenity similar to what they had in the CBD.
