High profile West Perth office building offered for sale

31 January 2024

An office building offering unrivalled amenity options, transport links and secure leases in place to a range of high-quality local, national and global tenants has been put to market in West Perth’s Parliamentary Precinct.

The building, known as Construction House, located at 35 Havelock Street, West Perth, is situated on a significant 2,845sq m site in the suburb’s office precinct, approximately 1km west of the Perth CBD with easy access to the Mitchell Freeway via Kings Park Road and Wellington Street.

Comprising 4,079sq m of high-quality office accommodation over five levels, Construction House offers a refurbished lobby with a central service core and office floors with an average floor plate area of approximately 808sq m and boasting natural light and expansive views on all four sides of the building.

The site also offers vehicle access and undercover parking for 40 cars, plus 52 open car bays.

Commenting on the building, exclusive agent for the property and Director, Capital Transactions at Savills Australia and New Zealand, Barney Dear, said, “Construction House represents an unparallelled opportunity to acquire a significant and high-profile landholding at the intersection of West Perth’s Havelock Street and Parliament Place.

“Coupled with leases in place with high-quality tenants providing any owner an annual fully leased net income of over $1.8 million, Construction House offers an excellent mix of income security and leasing optionality.”

West Perth continues to outperform the wider office market with positive net absorption of 6,368sq m and an overall vacancy rate of 11.1%, well below the 10-year total vacancy average of 14.8%

“West Perth remains an attractive leasing proposition for West Australia’s surging mining sector and associated industries. Stock withdrawals, following significant purchases from owner occupiers and limited new supply in recent years, have coupled with tenant demand to drive vacancy rates lower.

“We are forecasting vacancy rates to further contract in coming months, especially in the higher quality end of the market,” Mr. Dear concluded.