Perth CBD property sales rise in the quarter to June: Cityscope

Commercial property sales have increased in the past three months in Perth, according to CoreLogic’s latest Cityscope.

The property data firm says that sales recorded in the quarter to June 2017 totalled $171.5 million, a large increase from the March 2017 quarter which totalled $43.7 million, but a decrease from the $251.1 million recorded in the three months to December 2016.

The data brings the 12-month total to $623.6 million, a decrease from the $1.834 billion recorded the same time last year.

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

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Notable sales in the June 2017 update of Perth Cityscope include:

• The Novotel Langley Perth Hotel, at 221-227 Adelaide Terrace, Perth, a 4.5-star, 14 level building with 256 rooms and 5 convention rooms, plus lower ground and basement parking for 98 cars; opened in 1987 and refurbished in 2006, which sold for $73.5 million;
• The Crowne Plaza Perth Hotel, at 54-56 Terrace Road, East Perth, a 191-room hotel of 13 storeys which was refurbished in 1998 at an estimated cost of $11 million to include an eight-storey rear extension, which sold for $50 million and
• Compass 26, at 1-5 West Street, West Perth, a four-storey office building with 3,935 sqm of office space, situated above 1.5 levels of car parking for 58 vehicles, which sold for $21 million.

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Properties listed for sale in the June 2017 update of Perth Cityscope include:

• SGIO Building, at 42-46 Colin Street, West Perth, a five-level office purpose-built for the insurance company, completed in the third quarter of 2002 with a net lettable office space of 8,872 sqm and basement parking for 161 cars, the long term leasehold is for sale by expressions of interest  through Knight Frank and Ray White Commercial;
• 42 Bennett Street, East Perth, consisting of a mostly single-storey, partly two-storey, retail building, plus a paved parking area for 31 cars on a 958 sqm site for sale through Burgess Rawson and Lease Equity and
• 143 Barrack Street, Perth, a three-storey building, once Phineas Seeligson’s City Loan Office, erected 1908, for sale through Colliers International.

Significant leasing opportunities in the June 2017 update of Perth Cityscope include:

• 68 Milligan Street, Perth, an office building of two storeys above lower ground parking for 27 cars with net lettable area 1,940 sqm, which has office space of  500 to 1,900 sqm for lease through Colliers International;
• 45 St Georges Terrace, Perth, comprising nine floors of office space, two basement levels and net lettable area of 10,017 sqm, which has office space from 200 to 2,400 sqm for lease through CBRE and JJL Perth and
• Golden Square at 32 St Georges Terrace, Perth, a 16-storey commercial building with basement and open car park for a total of 56 car; built in 1967 and redeveloped at an estimated cost of $100 million in early 2015 which included increased floor plate sizes, internal layout modification and a new glass-clad facade, which has office space ranging from 674 to 7,911 sqm for lease through JLL Perth and Knight Frank.