Marketforce's West Perth headquarters on sales block

The headquarters of one of WA’s oldest and most successful advertising agencies has hit the sales block.

The Marketforce building, at 1314 Hay Street in West Perth, is fully leased by the advertising agency until 2019 with further options. It returns a net income of more than $650,000 per annum.

The three storey building is being sold through Knight Frank.

Knight Frank director Tony Delich said: “This property offers significant upside in terms of both rental growth and future development options.”

“The current net rent is below $300 per square metre and has fixed annual increases for the term of the lease."

“From a redevelopment perspective the site is 1250 square metres with a Plot ratio of 2:1 but this could be increased to 3:1 for residential and given an additional 20% bonus for short term accommodation.”

The building has close to 1,900 square metres of fully refurbished net lettable space and 37 undercover car bays, plus three open bays.

Offers to purchase close on May 22.