The latest research from Perth Cityscope shows property sale figures have significantly decreased in the past three months. The last three months to the beginning of September 2020 recorded 20 sales for a total of over $23 million; with $5.3 million for commercial, $9.1 million for commercial strata, $5 million for retail and $3.6 million for retail strata.
In comparison, the three months to the beginning 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.
The 12 months leading up to the end of September 2020 recorded 71 sales for a total of over $433.7 million, over $611.4 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 just $11.41 million.
Exclusive Backpackers on Adelaide Terrace in East Perth has been sold for $5.01 million to Bayswater Car Rental Pty Ltd, a company associated with Dirk, Benjamin, and Arnold Kluck of New South Wales. The two-storey backpackers provides a total of 19 rooms.
The entire eighth floor at The Grosvenor has been sold for $3.5 million to Health Careers Investments Pty Ltd. The floor is made up of twelve separate lots (lots 88 to 99) and was last traded at $7.5 million in 2008. The Grosvenor is a 12-storey commercial building which was built in 1990.
A 69 sqm retail unit on the ground floor of the Gledden Building has been sold for $2.9 million to Bigkach Pty Ltd. Tim Scott of Colliers International Perth negotiated the sale, which represented an initial yield of 6.38% on a passing income of $185,000 (n). The unit last traded for $2.85 million in 2010.
Some current properties listed for sale include:
- 879-883 Wellington Street, West Perth – a single-storey showroom building on a 1,254 sqm site. For sale with an asking price of $5 million; agent, AMG Real Estate (Harry Massam).
- 8 Ventnor Avenue, West Perth – a single-storey, brick house, used commercially. Building area, 262 sqm. For sale with an asking price of $2.599 million.
- 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:
- 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, 5 Colin Street, West Perth – a 59 sqm unit on the ground floor. Under contract with settlement expected in around five weeks; agent, Professionals Stirling Clark - Forrestfield (Scott Jordan).
- 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. Due diligence is being undertaken, details undisclosed; agents, Savills Perth (Nick Charlton and Barney Dear) and Knight Frank Perth (James Baker).