The Hatch Building is located on the intersection of Stirling and Newcastle Streets on the northern fringe of the Perth CBD. The property is adjacent to the Graham Farmer Freeway, has views to the city centre and is within walking distance of the main railway station.
The building is a 4 story modern A-grade office building which was extensively refurbished in 2001, with further refurbishments in 2011. The ground floor consists of a foyer, cafe, gym and end-of-trip facilities as well as office accommodation. The three upper floors consist of office accommodation. There is also an adjoining two level warehouse of approximately 1,563 square meters. The property has a total net lettable area of 11,042 square meters.
Tenancy and Leasing Information
The Minister for Works occupy just over 75% of the building (including direct and sub-lease areas from Hatch). The majority of the remainder of the building is leased to engineering services company, Hatch. The building is 98.5% metres.
Our analysis of this transaction is based upon the tenancy position at the date of sale and not on the tenancy position at the date of listing for sale.
Sale & Tenancy details
|Sale Date||July 2017|
|Vacancy (by area)||1.5%|
|WALE (by area)||3.7 years|
|WALE (by income)||3.9 years|
|Net Lettable Area (NLA)||11,042 m²|
|NABERS Rating||4.5 star|
|Gross Passing Income||$6,262,691 p.a.|
|Gross Market Income||$6,203,408 p.a.|
|Adopted Outgoings||$1,134,878 p.a.|
|Net Passing Income||$5,127,813 p.a.|
|Net Market Income||$5,068,530 p.a.|
|Passing Yield (fully leased)||9.49%|
|Gross Passing Income||$567/m²|
|Gross Market Income||$562/m²|
|Net Passing Income||$464/m²|
|Net Market Income||$459/m²|
For further details please contact:
Property Valuation & Advisory (WA)
Unit 2, 168 Stirling Highway, Nedlands WA 6009Follow Us
This analysis relies upon third party sources of information.While the resources are considered reliable, their accuracy cannot be guaranteed. We therefore accept no liability for any reliance on our analysis.