The building is located in the eastern sector of the preferred financial district of the Perth CBD, on the southern alignment of St Georges Terrace, between Barrack Street and Sherwood Court. Accordingly, the building is directly north of Elizabeth Quay, and is in a precinct directly influenced by this development.
The property comprises a ten-storey office building with two basement levels, constructed in 1972 as the headquarters of the Reserve Bank of Australia. It was extensively refurbished in 1995, and has had subsequent upgrades to lobbies and infrastructure. The building generally provides good standard B-grade office accommodation. It comprises substantial basement secure storage areas and provides only limited onsite parking in the form of 16 secure bays.
Tenancy and Leasing Information
Spacecubed, a co-working hub, recently signed a 15 year lease for just over 2,000 square metres over two floors. Amcom renewed their lease over 1,100 square metres earlier in 2017. Other major tenants include Citic Pacific Mining and accountancy firm Crowe Horwath.
Sale & Tenancy details
|Sale Price||$53,569,416||Passing Yield||7.46%|
|Sale Date||December 2017||Passing Yield (fully leased)||9.30%|
|Purchaser||ONE CCW Pty Ltd||Market Yield||8.46%|
|Vacancy (by area)||18.7%|
|WALE (by area)||5.0 years|
|WALE (by income)||5.6 years|
|Net Lettable Area (NLA)||9,905 m²||NLA Rate||$5,408/m²|
|NABERS Rating||4.5 star|
|Gross Passing Income||$5,620,480 p.a.||Gross Passing Income||$567/m²|
|Gross Market Income||$6,556,906 p.a.||Gross Market Income||$662/m²|
|Adopted Outgoings||$1,625,017 p.a.||Adopted Outgoings||$164/m²|
|Net Passing Income||$3,995,463 p.a.||Net Passing Income||$403/m²|
|Net Market Income||$4,931,889 p.a.||Net Market Income||$498/m²|
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.