Herdsman office precinct out-performing Perth's CBD rental returns | A minor mining hub

Celebrating the success of leasing five high-spec ‘Brown-Neaves Investments’-owned office buildings (totalling 10,920sqm), to some of Australia’s most reputable businesses and resources companies, in less than 12 months – is indication that the Herdsman office precinct is fast becoming the new occupancy hub for high quality tenants seeking larger floor plates – traditionally located in the Perth CBD and West Perth office precincts.

According to Axia Corporate Property’s director, Wayne Mitsikas, the outcome, rarely seen in Perth’s office rental market over the past three years, has meant Herdsman office precinct (in addition to other outer city commercial hubs) is attracting tenants seeking either larger floor plate efficiencies or entire buildings, in addition to carparking ratios that can’t be countenanced in the Perth CBD or West Perth.

The five buildings, built under the former business partnership of Dale Alcock and Garry Brown-Neaves, were previously occupied by Dale Alcock Homes, Webb & Brown-Neaves, Homebuyers Centre, Celebration Homes and ABN Group employees.

Each of the buildings, located in various locations from Walters Drive to Hasler Road, are now under the full ownership of Brown-Neaves Investments, headed by managing director, Garry Brown-Neaves, with each typically offering floor plates in excess of 1,000 sqm.

According to Mr Mitsikas, the presence of larger floor plates, generously sized, stand-alone buildings and ample parking considerations – in addition to proximity to the city and direct access to the Mitchell Freeway (via Hutton Street and Stephenson Avenue), have greatly influenced the move away from inner city locations, with often compromised floor space, parking concessions and staff amenities.

“These properties, when built, were well ahead of their time in terms of fit-out and facilities,” says Mr Brown-Neaves.

“End-of-trip facilities (now highly sought-after office building requirements), sustainable and energy efficiency principles (4.5-star NABERS energy rating & solar roof panels) and extremely high-spec interior layouts and aesthetics have resulted in successful occupancy rates via tenants who have moved in without requirements for modifications or refurbishment works to be done.”

“In part, our successful leasing is due to the buildings speaking for themselves, but also the hard work put in by all of our leasing agents including Altegra Property Group, Axia Corporate Property and Knight Frank; as well as working with our new tenants for a fair and equitable outcome,” says Mr Brown-Neaves.

New tenants across the Brown-Neaves Investments portfolio include ASX listed entities Mineral Resources Ltd and Primero Group (being the wholly owned subsidiary of NRW Holdings Ltd), as well as the global company Siemens Ltd and the 100-year-old building company Plunkett Homes (Est. 1903) Pty Ltd.