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News release

Perth

High street retail property in West Perth transacts for more than AUD 8m

125 enquiries were received for the 1,749sqm site, which offers solid income and substantial mixed-use development potential


​​​PERTH, 12 December, 2013 – One of West Perth’s best-positioned sites has sold for $8.35m, setting a new benchmark price for the area. 

Acquired by a local private-family building company, the site was put to the market in early November by Jones Lang LaSalle for the first time in over 50 years under instructions from the Executors of a deceased estate.

The 1,749sqm corner site, zoned “Town Centre”, is prominently located at 1218-1230 Hay Street. It is positioned with substantial frontage to the two renowned streets of Hay and Colin Streets, at the very centre of the sought-after West Perth business precinct. 

Director of Sales and Investments for Jones Lang LaSalle, Tom Nattrass, said the property had been the subject of intense interest – predominantly from local private investors and developers – with over 125 direct enquiries received over the five-week campaign.

“A total of 15 separate bids were received at the close of the offers to purchase process, representing $110 million, and underscoring just how in-demand the West Perth market is,” said Mr Nattrass.

“Ultimately, the site was acquired on a cash unconditional basis, reached with a local private builder-developer, with a short settlement timeframe of just 21 days.”

The property, known as West End Village, will be well known by many West Perth office workers due to its diverse retail offering. It comprises 12 retail tenancies, 11 of which are currently leased, with seven shops fronting Hay Street and a further five tenancies off Colin Street – including West Perth’s first cafe. Together the tenancies generate an estimated net passing income of approximately $355,000 per year.

“The sale represented a once-in-a-generation opportunity to acquire a prime high street retail property with holding income and exceptional redevelopment potential,” concluded Mr Nattrass.