Two adjoining heritage commercial buildings in the heart of the Perth CBD are up for sale.
The vacant three-storey assets at 111–113 and 115–117 Barrack Street represent a rare opportunity for buyers to secure scale, flexibility and refurbishment and redevelopment potential within one of the city’s most tightly held precincts.
111-113 Barrack Street has a gross floor area of 541sq m on a 143sq m site, while 115-117 Barrack Street has 720sq m of gross floor area on a 274sq m site. Combined the properties have a gross floor area of 1,261sq m on a 417sq m site.
They are being taken to the market via an Offers to Purchase campaign run by Zach Schreier, Tony Delich and Jonathan Wong of Knight Frank on behalf of the vendor Ann Apthorp.
Price expectations are around the $6 million-plus range.
Mr Schreier said the adjoining buildings were in a tightly-held part of the Perth CBD, situated along one of the CBD’s most established commercial and pedestrian corridors, and would be met with interest from buyers looking at a range of uses.
“The properties benefit from strong underlying fundamentals, including scale, frontage, and connectivity to retail, transport and commercial infrastructure, within a location that continues to attract long-term investor and occupier demand,” he said.
“These buildings provide the adaptability that investors are looking for — whether it’s holding, leasing, refurbishing, or undertaking a larger redevelopment including for commercial, retail or mixed-use outcomes.
“The dual asset configuration enhances strategic optionality, which is particularly compelling in a tightly constrained CBD market.
“Both properties were constructed in the late 1890s, and while their historic facades are intact the internal layouts have been modernised over time, likely making refurbishment, reconfiguration and adaptive reuse easier.”
Mr Delich said the assets would benefit from the ongoing momentum across the northern CBD.
“Barrack Street is one of Perth’s most active heritage corridors, and these assets offer the rare combination of scale, architectural character and flexible improvement potential,” he said.
“This part of the CBD is undergoing significant revitalisation, most notably driven by the new Edith Cowan University City Campus, which is expected to introduce 10,000 students and staff into the CBD daily from this year together with new student accommodation towers earmarked or built nearby.
“With this significant boost in daily activity and foot traffic, the area is primed for sustained uplift in demand across retail, hospitality, and commercial uses.”
The Offers to Purchase campaign for the two adjoining Barrack Street buildings will close at 3pm (AWST) on Thursday, February 26.
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