The latest research from Perth Cityscope shows although property sale numbers have remained steady, sale figures have significantly increased in the past three months due to three particularly large sales which together totalled over $600 million.
The last three months to the beginning of March 2019 recorded 14 sales for a total of over $638.2 million; with $421.3 million for commercial, $6.4 million for commercial strata, $6.4 million for retail, $1.4 million for retail strata and $202.7 million for other.
In comparison, the three months to the beginning of December 2018 recorded 15 sales for a total of over $192.2 million; with $115.3 million for commercial, $10.4 million for commercial strata, $400,000 for retail strata and $66 million for other.
The 12 months leading up to the beginning of March 2019 recorded 73 sales for a total of over $1.17 billion, over $97 million higher 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 top three most significant sales recorded this quarter together totalled over $612 million.
A 100% leasehold of Exchange Tower, 2 The Esplanade, Perth has been purchased for $326 million (td 18.12.2018) by Primewest Counter Cyclical Trust on behalf of GIC Private Limited. The 34-storey commercial building was built in 1992 at a cost of around $270m. The sale was negotiated by John Williams and Nigel Freshwater of JLL Perth and Josh Cullen of Cushman & Wakefield Perth; it represented an initial yield of 6.91% on a passing income of over $22.52 million (net).
YTL Hospitality REIT has purchased The Westin Perth Hotel on Hay Street, Perth for approximately $200 million with settlement expected within the month. The sale was negotiated by Mark Durran, Tom Nattrass and John Williams of JLL Hotels & Hospitality. The 26-storey hotel was completed in 2018 and includes 368 rooms, over 2,300 sqm of event space, a day spa, gymnasium, infinity pool and bars.
Eni House, a seven-storey, 14,409 sqm office building at 226 Adelaide Terrace, East Perth has sold for $86 million (td 21.01.2019) to interests associated with Primewest Funds Ltd. Kate Foley and Aaron Desange of CBRE Perth negotiated the sale in conjunction with John Williams and Sean Flynn of JLL Perth. The sale represented an initial yield of 11.54% on a passing income of around $9.928 million (net).
Properties listed for sale include:
- 938 Hay Street, Perth
A two-storey shop and office building with five separate strata titled units. For sale by offers to purchase, closing April 4, 2019; agents, JLL (Tom Nattrass) and Burgess Rawson (Rob Selid and Luke Randazzo). The property was advertised an estimated fully leased income of $412,000 per annum net.
- 181 St Georges Terrace, Perth
A seven-storey, 3,590 sqm office building with basement car parking. For sale by expressions of interest, closing 3 April 2019; agent, Savills (Paul Craig, Graham Postma, Nick Charlton, Barney Dear).
- Baileys Serviced Apartments, 63-65 Bennett Street, East Perth
An eight-storey hotel with 25 rooms and a 11 sqm retail unit on the ground floor. The freehold, including the retail unit, is scheduled for auction on 21 March 2019; agent, Western Australia Sotheby's International Realty (Graham Bowie).