Core Perth CBD office building arrives to market
JLL lists a 1,941 sqm A-Grade office building in Perth, Western Australia
PERTH, 22 JULY 2020 – Appointed as exclusive selling agents, JLL is pleased to announce that the freehold of 1 Howard Street, Perth is offered for sale. The asset is brought to market by JLL’s Managing Director for WA, John Williams and Director of Sales and Investments WA, Tom Nattrass.
The property is a modern 1,941 sqm spanning across five- levels of office space with basement car parking that has been designed to a specification consistent with A-Grade Perth CBD office buildings.
JLL’s Managing Director John Williams said, “1 Howard Street is a unique property because it is a relatively low entry point for investment in a freehold CBD asset, with no compromise on quality, functionality or location.”
“This self-contained building is exceptionally designed with functional 420 sqm floor plates, high levels of natural light from three window frontages, raised access flooring and two passenger lifts that serve all floors. The building has limited short to medium term capital expenditure requirements, given the works that has recently been completed. These include refurbished end of trip facilities and toilets on all office floors, replacement of lift motors and major air-conditioning plant replacement,” said Mr Williams.
1 Howard Street is positioned in a highly convenient location in the heart of the Perth CBD, just off St George’s Terrace. The property is a short walk to the Elizabeth Quay train station, ferry terminal and bus station ensuring excellent connectivity for occupiers.
The surrounding amenity includes some of Perth CBD’s most iconic office towers plus an eclectic mix of cafes and restaurants. The area will undoubtedly become increasingly popular given its proximity to the ongoing development of Elizabeth Quay.
The City of Perth Town Planning Scheme states that the plot ratio for office development in this location is 6.0:1.0 whilst the site is only currently developed to a plot ratio of approximately 3.8:1.0.
JLL’s Director of Sales and Investments, WA Tom Nattrass said, “The property provides value add potential as the existing site is currently underdeveloped. This provides further development potential of up to an additional 60% or 1,100sqm of NLA. The Planning Scheme also provides a bonus plot ratio of up to 20% if the site is to be developed for ‘Residential’ use and up to 40% bonus if developed for ‘Special Residential’ use.”
JLL is expecting interest from owner occupiers, investors and developers. The freehold interest in 1 Howard Street is offered for sale by an Expression of Interest campaign closing on the 27th August 2020.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com