Perth City Fringe Property Sold for $2.5million

A freehold office building in a tightly held Perth city fringe location has sold to a local investor for $2.5 million.

Colliers Investment Services team in Western Australia are pleased to announce on behalf of our valued client, the sale transaction of 231 Bulwer Street, Perth has sold to a local investor.

Colliers Manager of Investment Services, Shane Isaacs and Director James Baker brokered the deal at 231 Bulwer Street, Perth and received a high volume of enquires throughout the campaign.

Mr Isaacs said, “The property consists of a two level 826m²* office/warehouse with three separate tenancies. Each tenancy offers a high standard of fitout including staff amenities, air conditioning and fantastic city views from the level one office. The property also features a rear warehouse/storage area with roller door access plus 10 on site car bays and sold for a strong land rate of $2,647sqm and a 5.73% yield.”

Mr Isaacs said, “We were pleased with the interest shown by potential buyers, who were drawn to the property’s prime city fringe location and the unique chance to acquire a landmark freehold commercial property in the area.”

The property also gave buyers the option to redevelop the site taking advantage of its prime corner position and its generous development guidelines.

Mr Baker said, “Land values in the Perth city fringe area are rising steadily due to the limited availability of properties for sale and the growing demand from owner-occupiers, property developers, and investors. This trend is evident in the success of our sales campaign for 231 Bulwer Street.”

The property is ideally located being just 1.25kms* to the Perth CBD and within walking distance to Northbridge plus ample street parking and easy access to public transport routes.Mr Baker said “the property ticks all the boxes, a sought after, terrific city fringe location, a large 948sqm* corner landholding within a local development precinct offering generous zoning and development guidelines. As a result, we attracted strong interest from developers both locally and interstate keen to make the most of on this rare “value add” opportunity.”