West Perth office portfolio experiences an influx of new tenants

Two tenants have committed to space in a West Perth office building, taking another Woss Group-owned asset to 100 percent occupied.

Pilbara Minerals and Scitech have leased 1,119sqm and 790sqm respectively in a five-level building at 1 Campbell Street, situated just 100 metres from City West Train Station and Harold Boas Gardens.

The latest leasing deals in the property were negotiated by Rick McKenzie and Greg McAlpine of Knight Frank on behalf of the property owner, Woss Group.

The commitments take the total area negotiated by Knight Frank within the Woss Group portfolio of office buildings in West Perth to over 7,000sqm since 2022.

Other recent tenant commitments to the buildings in the portfolio include Lockton Group, PHI Aviation and 29 Metals at 1100 Hay Street.

Asking rents in the portfolio started from $385/sqm, with lease terms of up to 10 years being achieved.

Following the recent successes, the final two floors under refurbishment at 1100 Hay St are being advertised with an asking rent of $425/sqm.

Mr McKenzie said the occupiers were attracted to the buildings in the Woss Group portfolio due to the ongoing capital expenditure and high level of customer service provided by the owner.

β€œThe portfolio’s amenity is also a drawcard, particularly 1100 Hay St, which features a tennis court and barbeque entertainment area, modern end of trip facilities, upgraded lifts and refurbished bathrooms,” he said.

Mr McAlpine said the West Perth office market had experienced an outstanding 24 months from a leasing standpoint.

β€œWe have seen an elevated number of large transactions and this, in combination with building withdrawals, has resulted in a significant decline in the vacancy rate over the same period.

β€œThe increased activity is attributed to the improved economic conditions in Western Australia over the same period, with the dominant source of tenant demand coming from the resources sector.”

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