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News release

Perth

110 year old Wellington Street icon looking for a new owner

623sqm site mixes history, commerce and investment potential along resurgent CBD Boulevard


PERTH, 5 February, 2013 – A rare, yet superb example of Perth’s Federation Queen Anne-style city architecture is being offered for sale by its long-time owner-occupiers.

Built more than 100 years ago, the two-storey Illustrations House at 885 Wellington Street, West Perth has also been the home of one of Perth’s oldest photographic businesses, Illustrations Photography, since the early 1970s.
 
Jones Lang LaSalle Director of Sales and Investments, Tom Nattrass, said that the iconic freestanding property offered a range of options for owner-occupation, investment or redevelopment.
 
“The increasing focus on the CBD’s northern precinct, highlighted by the Perth City Link and Perth Arena projects combined with new office developments and the area’s existing retail facilities at Harbour Town, underscores Wellington Street’s re-emergence as a significant Perth boulevard,” he said.
 
Mr Nattrass said the property was being offered with vacant possession and comprised about 260sqm of stylish office accommodation incorporating high ceilings, lead lights and original floorboards.
 
“The building would suit a business seeking boutique offices with a difference, while there is also significant redevelopment potential on the 623sqm site, one-third of which comprises a rear single level office/warehouse complete with commercial kitchen, along with parking for eight vehicles. The site also benefits from two frontages to a public right of way.”
 
Mr Nattrass said that the site’s development potential was enhanced by the potential to increase the existing 2:1 plot ratio through bonuses by retaining the original building, combined with planning changes now being finalised by the City of Perth which are set to increase the plot ratio to 3:1.
 
West Perth has now taken on the mantle of Australia’s tightest city office market precinct with the company’s latest research revealing a vacancy rate of 5.2 per cent.​