News & Research

Commercial Market Update - Perth Cityscope March 2021

The latest research from Perth Cityscope shows property sale numbers and figures have increased for the first time in six months. The last three months to the beginning of March 2021 recorded 30 sales for a total of over $112.7 million; with $84.3 million for commercial, $12.6 million for commercial strata, $5.9 million for retail, $8 million for retail strata and $1.9 million for other.

In comparison, the three months to the beginning of December 2020 recorded 11 sales for a total of over $19.3 million; with $16.9 million for commercial and $2.4 million for commercial strata.

The 12 months leading up to the end of March 2021 recorded 77 sales for a total of over $210.5 million, over $361.3 million lower than the recorded figure for the same time period the year before.

The table below shows sales recorded for the past eight updates of Perth Cityscope:

The most significant sales recorded this quarter together totalled over $77.9 million.

One90 St Georges Terrace, a 12-storey office building, has been bought for just over $51 million by interest associated with Fiveight Pty Ltd, which own, invest in, develop and manage residential, commercial and industrial property across Australia. Aaron Desange of CBRE Perth and John Williams of JLL Perth negotiated the sale. The 9,362 sqm office building was originally built in 1982 and last traded for $63.9 million in 2016.

A three-storey office building at 10 Kings Park Road settled in early February $19.4 million. The building has around 3,000 sqm of space and lower ground car parking for 67 vehicles. It last sold for $7 million in mid-2002.

D’Orazio Holdings Pty Ltd and Da Prato Holdings Pty Ltd has sold a three-storey office building at 5 Ord Street in West Perth for $7.5 million. Wayne Mitsikas and John Garland of Axia Corporate Property negotiated the sale, which represented an initial yield of 8.23% on passing income of $617,000. The 1,657 sqm building was built in 1990 and last sold for $5.4 million in 2003.

Some current properties listed for sale include:

  • 26-28 Kings Park Road, West Perth – a 1,331 sqm office building with three levels of office space above ground floor car parking for 38 vehicles. For sale by offers to purchase, closing March 24, 2021; agent, Knight Frank Perth (Nick Charlton and Tony Delich).
  • 206 Adelaide Terrace, East Perth, an 858 sqm, two-storey office building with on site car parking for 11 vehicles. For sale by expressions of interest, closing March 31, 2021; agent, Ray White Commercial WA (Stephen Harrison and Brett Wilkins).
  • Tribe Perth, 4 Walker Avenue, West Perth – a 4,316 sqm, 126-room, nine-storey hotel which was officially opened in May 2017 and is currently leased until May 2024. For sale by expressions of interest, closing March 19, 2021; agent, JLL Hotels & Hospitality Group (Mark Durran, Chloe Mason and Peter Harper).

Properties under contract (conditionally or unconditionally) include:

  • 16 Thomas Street, West Perth – a 801 sqm vacant block of land. Under offer; agent, Diamond Realty (Mick Minutillo and Torrin Minutillo).
  • Unit 5, 1050-1052 Hay Street, West Perth – a 156 sqm office on level one, plus two car parks on the lower ground level. Under contract for $965,000 with settlement expected in May 2021; agent, Burgess Rawson (Rob Selid and Luke Randazzo).
  • Unit 3, 246 Adelaide Terrace, Perth – a 668 sqm office on the second floor. Under conditional contract with settlement expected in around two months; agent, Tyler & Sons Real Estate (Tim Tyler).


CoreLogic Australia

CoreLogic Australia

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