This article is from the Australian Property Journal archive
THE former home of the Australian Federal Police in West Perth for over two decades has been listed for sale following a $1.35 million refurbishment program.
The three-level building at 619 Murray Street has 4,056 sqm of office accommodation with large and flexible 1,350 sqm floorplates and secure basement car parking for 61 vehicles.
CBRE’s Nicholas Volk, Derek Barlow and Aaron Desange have been appointed to divest the office building via an Expressions of Interest campaign, with offers invited before August 25.
“619 Murray Street offers a compelling repositioning opportunity, with the potential to produce true value-add returns, which has only recently been unlocked, having been occupied by the Australian Federal Police since 1998,” Volk said.
He said timely completion of the early refurbishment program provided the opportunity to re-lease the asset into an improving leasing market, with West Perth having experienced a 10-year high net absorption of 15,500 sqm in 2021.
Located on a key West Perth thoroughfare and adjoining the western core of the Perth CBD, the property offers easy access to the Kwinana and Mitchell Freeways and the city’s bus network.
Barlow said the sizeable 2,686 sqm site is underutilised under the current planning scheme, with further plot ratio available for future development opportunities allowing almost a doubling of the existing floor area.
“The asset offers a rare product in the marketplace in the form of its large 1,350 sqm floor plates, which can capture larger tenant briefs or split efficiently into multiple tenancies, alongside the scope of securing a whole building occupant,” he said.
Earlier this year, Australian Development Capital threw its faith behind the West Perth office market, committing to the precinct’s biggest deal of the year so far for a building with two-thirds vacant. The group paid $13.1 million for the fully refurbished three level building with 2,345 sqm at 10 Richardson Street.
West Perth office vacancies improved by 4% to sit at about 18% in 2022, according to the Property Council.
