An East Perth office building leased to a Western Australian Government tenant is up for sale.
The modern A-grade property at 149 Wittenoom Street has 2,422sq m of net lettable area over five levels and occupies a 999sq m site with 14 car parks and dual frontage to Wittenoom Street and Moore Street.
It is fully leased to the Minister for Works (State Government), which has occupied the property since it was built in 2011, and a ground floor pharmacy.
The asset is being taken to the market via an Offers to Purchase campaign run by Knight Frank agents Tony Delich and Zach Schreier on behalf of Moore 30 Pty Ltd.
Price expectations are in the range of $13 to $14 million.
The property has a high quality fit out and has been configured to allow for excellent natural light to all sides with views of the city skyline on the western side of the building.
It has a WALE of 4.74 years by income, a passing income of $899,130 per annum and 4.5 Star Nabers energy rating.
Mr Delich said the property would attract buyers due to its location and covenant.
“149 Wittenoom Street delivers a secure income stream from a state government tenant who has occupied the building since new and obviously likes the East Perth office precinct,” he said.
“It is just 900 metres to the northeast of the heart of the Perth City centre.
“The property benefits from the Wellington Square Park a mere 60 metres to the east and treelined streets throughout the precinct, as well as its proximity to the Claisebrook Cove café strip around 800 metres away.”
Mr Schreier said A-grade buildings in or near the Perth CBD were sought after, particularly those with strong tenant covenants.
“We are seeing increasing investor interest in office assets as the market starts to recover,” he said.
“As we enter the second half of the year, we expect higher transaction levels as confidence grows.”
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