Perth commercial market sales stable in last 3 months: Cityscope

Perth commercial market sales stable in last 3 months: Cityscope
Perth commercial market sales stable in last 3 months: Cityscope

Commercial property sales in Perth remained stable in the past three months, according to the latest Cityscope from CoreLogic RP Data.

The last three months to the beginning of June 2016 recorded 19 sales for a total of more than $240.4 million; with $228.5 million for commercial, $5.5 million for commercial strata, $1.5 million for retail strata and $5 million for other. In comparison, the three months to the beginning of March 2016 recorded 22 sales for a total of more than $653.5 million; with $600.2 million for commercial, $5.9 million for commercial strata, $19.5 million for retail, $900,000 for retail strata and $27 million for other.

The 12 months leading up to the beginning of June 2016 recorded 80 sales for a total of over $1.83 billion, up by more than $1.4 billion than the recorded figure for the same time period the year before.

The table below shows sales recorded for the past eight updates of Perth Cityscope:

Click to enlarge

Perth commercial market sales stable in last 3 months: Cityscope

The top three most significant sales recorded this quarter together totalled over $206.1 million.

  • The Exchange Tower, 2 The Esplanade, Perth. Built in 1992 at a cost of about $270m; 34-storeys, comprised of 33 levels of office space, ground floor retail space and 5 levels of parking. Private property syndicate sold its 50% interest for around $113.5 million to Primewest Funds Ltd. Josh Cullen of CBRE, together with Rob Sewell and Simon Storry of JLL negotiated the sale.
  • St Georges Centre, 81 St Georges Terrace, Perth. A 15 storey office building developed by AFT in 1987. In March 2016 the property went under contract for around $84 million to ARA Asset Management Limited, on behalf of a real estate fund. John Williams and Nigel Freshwater of JLL negotiated the sale which represented an initial yield of 7.25% on passing income of approximately $6.09 million.
  • 482-484 Murray Street, Perth and a right-of-way. A two storey warehouse known as the Sara & Cook Building, built circa 1930, with a 128 sqm right-of-way leading to Wellington Street. Bought for $8.65 million by Goldvista (Perth) Pty Ltd.

Click to enlarge

Perth commercial market sales stable in last 3 months: Cityscope

Properties listed for sale include:

  • 32 Ord Street and 34 Ord Street – a single level house and a two-level office building. For sale with vacant possession and an asking price of $5,100,000; agent, Burgess Rawson (Rob Selid and Brian Neo).
  • 1/33 Barrack Street, Perth – a 45 sqm retail unit on the ground floor plus 10 sqm in the basement. For sale by offers to purchase; agent, CNI Commercial Property Group (Colin Pang and David Walser).
  •  Lot 38/171 St Georges Terrace, Perth – a 189 sqm unit with 76 sqm of retail space on the ground floor retail space and 113 sqm of office space on the upper level, plus a 5 sqm balcony. For sale with an asking price of $1.269 million; agent, Ray White Commercial WA (Stephen Harrison).

Cityscope covers 28 predominantly capital city CBD markets across Australia and New Zealand, providing a rich level of property level data including building attributes, tenancy detail, sales and ownership.

Tags: 
Commercial Market

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