Occupying a prominent corner position opposite Parliament House on the edge of the Perth CBD, the property comprises a 2,192sqm office building on a 1,696sqm site with 56 car bays. The asset is approximately 75 per cent leased, generating around $800,000 per annum in net face income, while also offering future high-density redevelopment potential.
The sale was particularly notable given the property's ownership structure, with seven strata commercial lots brought together and offered to the market as a single asset through the collaboration of multiple owners.
The campaign generated more than 60 formal enquiries, resulting in four Expressions of Interest from investors, land bankers and partial owner-occupiers. The property was sold to a local private group.
RWC WA Senior Advisor, Michael Milne said the property's combination of location, income profile and long-term potential attracted strong buyer interest in an increasingly discerning buyer market.
"This asset offered an exceptional mix of investment fundamentals, including a blue-chip location, quality building, strong income, generous parking and future redevelopment upside. Those attributes combined to generate competitive interest throughout the campaign," Mr Milne said.
The property's major owner (91 per cent) was respected Western Australian property identity John Blackburne, founder of Blackburne Property, who acquired the asset in 1993.
Mr Milne said the sale also held personal significance.
"John Blackburne is an icon of Western Australia's property industry and was an important mentor to me early in my career. I started my real estate career at Blackburne and worked alongside John in this very building for more than a decade, so it was a privilege to represent him as part of the sales team."
RWC WA Director of Capital Markets Brett Wilkins said the result reflected ongoing demand for well-positioned Perth commercial assets despite more selective market conditions.
"Properties offering a compelling combination of location, income security, building quality and future upside continue to attract strong buyer competition. This asset clearly struck a chord with investors and partial owner-occupiers looking for scale in a tightly held precinct," Mr Wilkins said.
RWC were delighted to collaborate with joint exclusive selling agent Sterling Property's Brian Neo and Jack Bradshaw with this notable sale.
