The latest research from Perth Cityscope shows property sale figures have significantly decreased in the past three months. The last three months to the end of June 2020 recorded 14 sales for a total of over $55.3 million; with $10.6 million for commercial, $4.7 million for commercial strata and $40 million for other.
In comparison, the three months to the end of March 2020 recorded 20 sales for a total of over $231.3 million; with $143.6 million for commercial, $6.3 million for commercial strata, $12.6 million for retail and $68.8 million for other.
The 12 months leading up to the end of June 2020 recorded 68 sales for a total of over $465.1 million, over $686.1 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 $50.6 million.
Invesco Australia Limited purchased a 50% interest in One The Esplanade for $32 million. Rob Sewell and Simon Storry of JLL Perth negotiated the sale in conjunction with Josh Cullen and Mark Hansen of Cushman & Wakefield Perth. One The Eplanade, a 30-storey office development, is a joint venture with Brookfield, who purchased the site for $64 million in mid-2019. Completion is expected mid-2023. The 52,187 sqm building will comprise two levels of basement car parking; a double-height lobby with a cafe/restaurant, retail and exhibition space on the ground floor; a gym on level 1; childcare over levels 1 and 2 and office space across levels 2 to 29.
A 1,423 sqm, two-storey office building at 1162-1168 Hay Street was bought off-market for $10.6 million by MPF Diversified Fund No.2. The sale represented an initial yield of 7.22% on a passing income of $765,320 (n). The property was last sold for $3.15 million in 1996.
Atira Student Living development at 323-335 Wellington Street, which began in early 2018 and was put on hold in late 2018, has been bought for $8 million by Scape Australia. Nigel Freshwater and Nicholas Agapitos of JLL Perth negotiated the sale. At the time construction began the development was proposed to comprise 373 units (713 beds) each with their own kitchen, lounge and private ensuite - with the exception to twin rooms - and each bedroom would have a desk/study area.
Some current properties listed for sale include:
- The Victoria, 14-16 Victoria Avenue, Perth – a 10-storey, 5,352 sqm office building with lower ground car parking and retail space at street level. For sale by negotiation; agents, Savills Perth (Nick Charlton and Barney Dear) and Knight Frank Perth (James Baker).
- 100 Outram Street, West Perth – a single-storey, 330 sqm, brick, duplex pair of houses, used professionally. For sale by offers to purchase; agent, LJ Hooker Commercial Perth (Brian Neo and Jack Bradshaw).
- 503 Murray Street, Perth - an eight-level, 7,299 sqm commercial building. For sale by expressions of interest; agent, CBRE Perth (Aaron Desange and Kate Foley).
Properties under contract (conditionally or unconditionally) include:
- 2 Colin Grove, West Perth – a single-storey, 170 sqm office building plus car parking to the rear for five vehicles. The property was advertised with a net income of $50,050 per annum. Under contract with settlement expected late October 2020; agent, Knight Frank Perth (Tony Delich).
- 8 Colin Grove, West Perth – three former residences which were combined into a single, 602 sqm office plus car parking for around 24 vehicles. The office to the corner has a separate entrance and its own facilities. The property was advertised with a net income of $178,003 per annum. Under contract with settlement expected late October 2020; agent, Knight Frank Perth (Tony Delich).
- Unit 8, 11 Ventnor Avenue, West Perth – a 119 sqm office and four basement car parks. Under conditional contract; agent, Mack Hall Real Estate (Edward Hall and Michael Hoad).