Rare South Perth office with development potential for sale

31 August 2023

An office building in Perth’s inner city with future development potential has hit the market, with buyer interest expected to be strong.

The three-level building at 78 Mill Point Road in South Perth is one of only a few multi-level freestanding office buildings in the suburb.

It has 1,266sq m of net lettable area with 33 undercover car bays on a 1,333sqm site. The asset is 96 per cent occupied with eight tenants, and a net passing income of $245,467 per annum.

The property will be taken to the market via an Offers to Purchase campaign run by Tony Delich and Cory Dell’Olio on behalf of a private partnership.

Price expectations are from $7 million.

Mr Dell’Olio said the asset was a unique opportunity for both owner occupiers or developers given the nature of the property, being a freestanding office building, and its location.

“It’s exciting proposition for either an owner occupier looking to get into the area or an investor with future development plans,” he said.

“The property has future high-density residential development potential within South Perth Mill Point Precinct with its current zoning.

“Any development would have panoramic views of the Swan River, Perth CBD and Kings Park.

“Properties with secure income and future upside are particularly attractive to buyers in the current market, as the opportunity to add value holds appeal.”

Mr Delich said the South Perth asset was located in a prime position on the attractive Mill Point Peninsular, with easy access to the freeway network heading both north and south.

“It is also in close proximity to the Perth CBD, ferry terminal, Perth Zoo, prestigious Royal Perth Golf Club and Mends Street retail precinct.

“The asset will appeal to owner-occupiers as well as investors, with the nature of the lease structures providing an opportunity for these buyers.”

The Offers to Purchase campaign for the property will close at 3pm (AWST) on Thursday, September 28.