Sold to an international buyer for an impressive $10.15 million, the 7,000sqm site not only delivered on the buyer’s required commercial space, but the site’s high exposure rate of around 60,000 passing cars per day is a benefit rarely seen in today’s commercial market.
This high exposure is complimented by great surrounding tenants such as AMPO and BWS, while its proximity to Crown Perth positions the site to be frequented by desired customer demographics.
Realmark Commercial Director of Retail Sales and Leasing Michael Richardson knew this site would appeal to a range of potential suitors, but believes they found the right buyer.
“The property is suitable for a range of developments or uses, but we worked hard to ensure a site like this went to a buyer that could utilise its space to its greatest potential,” he said.
“As the property had three separate owners, all with different selling requirements, we were able to home in on prime candidates for the site and directly contacted the eventual buyer.
“Once contacted, the buyer acted swiftly to present an offer to purchase the entire block, which the sellers jumped at.”
As Western Australia’s border is almost completely open to the world again, sites like this on Great Eastern Highway will continue to draw more attention from prospective buyers who see the value in the WA market.
Working in tandem on this transaction with Mr. Richardson, Commercial Director of Office Sales and Leasing Brent Griffiths said he has already seen an increase in competition across the state and expects more to come.
“Buyers are ready to invest; including local, national and international,” he said.
“The cost of construction has delayed developers building, however the owner occupier market has remained strong.
“As the market is beginning to grow, it will now be the buyer who knows what they want and gets in early that will find the property they need.”