A-Grade Perth Office Tower Comes to Market

A landmark A-grade office tower in the heart of Perth’s Elizabeth Quay precinct has hit the market.

The 20-storey asset, 28 The Esplanade, has 15,312sq m of net lettable area on a 2352sq m site with 186 carparking bays.

It is being offered for sale via an expressions-of-interest campaign closing on July 4 and being marketed by Cushman & Wakefield’s Nick Charlton, Ben Younger, Mark Hansen and Zaahen Kahn on behalf of Redhill Partners.

Next to the Elizabeth Quay transport interchange and neighbouring newly completed premium-grade towers, the building is 89 per cent leased to a diverse tenant mix including AON, CyberCX, Apollo Group, and Wabtec, according to the agents.

“With strong face rental growth forecast over the next 24 months, incoming investors will benefit from the ability to grow the current passing income,” the agents said.

“Further upside can be captured through value-add initiatives.”

Cushman & Wakefield joint head of Capital Markets, WA, Nick Charlton, said the building’s “generous floorplates, panoramic river views, and proximity to major infrastructure projects make it a compelling proposition for investors seeking long-term value in a tightening market”.

The listing comes as Perth’s office market continues to outperform national peers in occupancy and rental growth. A-grade rents have risen 11.8 per cent during the past two years, and Perth CBD’s return-to-office levels are the highest in the country.

▲ The listing of 28 The Esplanade comes as investors are repositioning in the surging Perth sector.

Originally built in 1983 and extensively refurbished between 2015 and 2025, the building includes modern end-of-trip facilities, upgraded lifts and a high-quality ground-floor plaza.

It also holds zoning that allows for future redevelopment, and the proposed Local Planning Scheme No. 3 is expected to unlock additional plot ratio potential.

Charlton said the listing of 28 The Esplanade added to a growing pipeline of institutional-grade assets coming to market in Perth this year.

He said investors were repositioning portfolios, seeking exposure to the state’s robust economic fundamentals, including a $76-billion infrastructure pipeline and record population growth.