Perth CBD tower hits the market

40 The Esplanade, a 12-storey Perth CBD office building, has been listed for sale.

The 10,926sqm A-Grade office tower has an occupancy rate of 91.6% with major occupiers including Development WA, Genesis Minerals, Brunel, Department of Health and Aged Care, and the Aged Care Quality and Safety Commission.

Located opposite the Elizabeth Quay precinct, the office tower has 117 secure car parking bays and offers direct road and rail infrastructure access.

CBRE’s Aaron Desange and Nicholas Volk are managing the sale via an Expressions of Interest campaign closing September 7, 2023.

“40 The Esplanade represents prime CBD real estate offering the flexibility to produce core-plus or value-add returns, which is a compelling proposition in the current marketplace,” Mr Desange said.

“With vacancy upcoming within the building in 12 months’ time, an incoming owner can capitalise on Perth’s current economic upswing and strengthened occupier market.”

Mr Volk added, “As evidenced by the high-profile commitments by the likes of Chevron, Ernst & Young and Herbert Smith Freehills, the attraction of Elizabeth Quay will continue to draw occupiers towards the precinct, underpinning the asset’s future leasing success.”

“The current leasing market backdrop is supportive, with physical office occupancy in Perth leading the country and nearly 39,000sqm of gross leasing volume recorded in H1 2023 off the back of a record 226,000sqm in enquiry.”