The arrival of the property to the market, provides an exceptional opportunity for astute investors and/or future owner occupiers, to acquire contemporary, presentable and versatile commercial accommodation, located on the Perth CBD fringe, at very affordable pricing as a viable alternative to the much pricier inner CBD.
The offering comprises 191 sqm* of fully fitted and very presentable commercial accommodation, configured into a combination of individual offices, meeting rooms and a reception and waiting area. The property is complimented by six (6) secure undercover car bays, providing for a total Strata Lot Area of 270sqm*.The property is positioned on the first level of a two level, predominately commercial complex, with direct frontage to James Street. The property benefits from communal amenities, including toilets and kitchenette.
Investment Highlights:
– Presentable, fully fitted premise with versatile floorplate
– Very high car bay ratio ( 1 bay per 32sqm* of NLA ), seldom found so close to CBD
– Extensive street frontage, providing for excellent prominence and natural light
-Large covered balcony (not included in strata lot), would ideally be suitable for a unique staff break out area
– Located in an established and vibrant CBD fringe location, with an abundance of local amenity and open space
– Attractive and cost effective alternative to much pricier inner CBD, Subiaco & West Perth offerings
– Superb connectivity and proximity to major transport networks
– Extremely tightly held precinct
– Short term holding income with significant rental upside via releasing
– Ability to owner occupy expeditiously
Location & Accessibility
The property is strategically located, within a commercial complex, located at the eastern end of James Street, approximately 190 meters* from the intersection with William St, within the heart of the Northbridge commercial precinct and approximately a ten minute walking distance to Perth CBD. More specifically the property is positioned on the southern side of James Street, opposite the Double Tree Hilton Hotel and Westpac Bank, with adjoining properties and properties in proximity, accommodating a variety of commercial occupiers, including commerce, retail, food and beverage and hospitality accommodation. The complex has an extensive frontage and features a large open foyer and benefits from outstanding exposure to both pedestrian and vehicular traffic. Furthermore, the property is in immediate proximity to the $695 million* Edith Cowan University Campus, (currently under construction) and to the Perth Train and Bus Terminals.
The secure undercover car park can be accessed from both James and Roe Streets, via Nicks Lane ROW. Occupiers enjoy superb accessibility and connectivity to numerous major transport networks.
Zoning:
The City of Perth advises that the properties are zoned “City Centre” Precinct 1 Northbridge which allows for a variety of uses ^^. Proponents must contact the City of Perth to ascertain if their preferred use is permitted, within the prevailing zoning.
Statutory & Strata Outgoings for 2023/2024
Strata Levies – $7,211*^ (Payable in quarterly installments of $1,803*)
Strata Insurance -$1,720*
Council Rates – $2,969*
Water Corporation – $2,100*
Land Tax -$468*
Car Bay Levy $1,241pa* per bay (payable only if bays are occupied)
Tenancy Details
The property is leased to an office occupier with the lease terminating on 31st December 2024 (can be terminated anytime before by either Landlord or Tenant, subject to 3 months notice), with no further terms. The current passing gross income of $38,400pa, which includes car bay rental for only 2 of the 6 car bays, is substantially under prevailing market rental levels. Accordingly, there is a strong prognosis for significant rental upside upon the procurement of a new tenant or renegotiation with the existing tenant.
Further tenancy information and lease details can be provided upon request.
For further information, please contact the exclusive selling agents.
*Approx.
^Includes Administration Fund, 10 Year Reserve Fund and Waste Levy
^^STCA
