This article is from the Australian Property Journal archive
A PRIVATE offshore investor paid nearly $10 million for a CBD office building perched directly opposite the Perth City Link redevelopment.
The 613-619 Wellington Street property comprises 846 sqm of office space on a 1,396 sqm site, which includes a 827 sqm warehouse area and 17 secure car parking bays.
This Perth City Link redevelopment is projected to attract $3 billion in private investment and $1 billion in government investment upon completion. Key projects such as the Hub Apartments, Dorsett Hotel, Yagan Square redevelopment, and Edith Cowan University City Campus are already under construction and slated for completion by 2026.
Nick Charlton and Ben Younger of Cushman & Wakefield negotiated the $9,788,100 sale, and said over 90 enquiries came from national and international parties.
“A diverse mix of developers, private investors, and owner-occupiers submitted bids at the close of expressions of interest,” Charlton said.
“The property in its current format has had speculative fit-out accommodation works recently undertaken. This allows the purchaser to enhance returns through leasing up the vacant space while also being able to add value through future redevelopment” he said.
