The latest research from Perth Cityscope shows property sales have increased in the past three months. 

Sales recorded in the quarter to December 2019 totalled $124.1 million, an increase from the September 2019 quarter which totalled $54.2 million and a decrease from the $158.2 million recorded in the three months to June 2019.

This data brings the 12-month total to $979.7 million, an increase from the $722 million recorded the same time last year. 
The table below shows sales recorded for the past eight updates of Perth Cityscope.

Perth Cityscope Scorecard

The most significant sales recorded this quarter were:

Quayside On Mill, an 11,486 sqm, 13-storey office building on 2 Mill Street has been sold for $79.05 million to EG Australian Core Enhanced Fund, an open-ended, diversified fund targeting office, retail and industrial properties in Australia. The fund is managed by real estate and fund manager, EG Funds Management Pty Ltd. The sale was negotiated by CBRE agents Aaron Desange, Flint Davidson, Kate Foley and Marc Giuffrida, together with Knight Frank agents Todd Schaffer, Graeme Russell, Paul Roberts and Neil Brookes.

Following the late 2018 sale of 8 St Georges Terrace to Quintessential Equity 041 Pty Ltd, the eight-storey, 4,554 sqm office building has been transferred to a related party QE MF 103 Pty Ltd for just over $10.1 million. Both companies are subsidiaries of Quintessential Equity Pty Ltd, a property developer and fund manager which is owned equally and directed by Shane Quinn and Harry Rosenberg of Victoria.

Baileys Serviced Apartments, at 65 Bennett Street, East Perth has been purchased, over two separate transactions, by Baileys Property (WA) Pty Ltd for a total of $8,000,001. Baileys Serviced Apartments is a seven-storey, 4-star hotel which was completed in 2014. In May 2019 approval was sought to convert the building from serviced apartments to residential. Mark Fernandes of NAI Harcourts Metro Spearwood negotiated the sale. Baileys Property (WA) is ultimately owned by Tan Jin Chwee & Co. Pte Ltd, a company registered in Singapore.

Properties currently listed for sale include:

  • 8 Ventor Avenue, West Perth – a 262 sqm, single-storey brick house which is used commercially. The property includes car parking for seven vehicles to the rear. For sale by expressions of interest, closing 11 December 2019; agent, Ray White Commercial WA (Brett Wilkins).
  • Desborough House, 1161-1167 Hay Street, West Perth – a 588 sqm, two-storey, older-style brick building with car parking on site for around 10 vehicles. For sale with an asking price of $2.55 million; agent, McGees Property (Victor Sankey).
  • 20 Colin Street, West Perth – A 227 sqm, single-storey brick building. The property includes on site car parking for 10 vehicles; agent, Axia Corporate Property (Andrew Woodley-Page and Wayne Mitsikas). The property was originally advertised with a monthly income of over $42,500 per annum net or with vacant possession.
     

Significant leasing opportunities in the December 2019 update of Perth Cityscope include: 

  • 441 Murray Street, Perth, an 8-storey office building with a 2-storey arm to the front and basement parking for 39 cars, which has office space ranging from 665 to 5,793 sqm for lease through JLL Perth and Sheffield Property Group; 
  • 251 St Georges Terrace, Perth, a 9-storey office building with basement parking for 115 car, which has office space ranging from 424 to 3,500 sqm for lease through Primewest Real Estate – Perth and 
  • 235 St Georges Terrace, Perth, a 10-storey office building with a ground floor lobby and meeting area, 17,836 sqm of commercial space and 3 levels of basement parking, which has office space ranging from 431 to 3,105 sqm for lease through CBRE Perth.