Subiaco Life Sciences Asset Changes Hands for $21.55 Million

The Kids Research Institute has sold its former office headquarters and research facility in Subiaco for $21.55 million.

CBRE’s Derek Barlow and Aaron Desange sold the purpose-built life sciences asset at 100 Roberts Road via an Offers Invited campaign.

Private investment organisation Bravestar Group managed the acquisition on behalf of a domestic investor.

Mr Barlow said the asset’s strategic location, range of value-add features and growing investor interest in the life sciences sector drove strong interest in the property.

“The long-term prospects for life sciences property investments are strong. The trajectory of medical innovation and changing needs of society is supporting the growth of this asset class, while the considerable costs for replacement of facilities is likely to see the current constraints on supply continue,” he added.

Mr Desange noted the 7,075sqm corner land holding has a prime position in Subiaco’s healthcare precinct.

“The opportunity to acquire such a substantial and strategic life sciences asset resonated strongly with investors who have a deep understanding of the sector,” he said.

“Subiaco is home to the most tightly held healthcare precinct in the state and has traditionally been a highly sought-after precinct location due to its prime position adjacent to the Perth CBD,” Mr Desange added.

The Kids Research Institute relocated to Perth Children’s Hospital in 2018. The two-level facility is currently occupied by a government tenant.