Savills to market West Perth office with Asian roadshow

A West Perth office building is being marketed via a Savills roadshow to Asia.

The property 76 Kings Park Road, set on the corner of Kings Park Road and Thomas Street, has been under the same ownership for more than 18 years.

The Robert Cann & Associates-designed five-level property has a net lettable area of 3,640 square metres.

It is 76% leased with tenants including DownUnder GeoSolutions (DUG).

"We estimate a fully leased net income of about $1.53 million per annum,” Savills agent Nick Charlton said.

West Perth office vacancy rates have dropped from 16.7% in December 2017 to 15.8% in June 2018.

“The re-centralisation of tenants from suburban locations and recent stock withdrawals in West Perth will continue to drive this trend through the remainder of 2018,” Savills agent Barney Dear said.

“This uptick in leasing demand is flowing through to transaction activity, as local and offshore buyers increasingly adopt a positive view on the precinct.

Savills have noted more than $70 million of property transact in West Perth in the third quarter of 2018, including 1 Havelock Street and 18-32 Parliament Place, which are both in due diligence, along with the recent sale of 87 Colin Street.