Overseas Investor Pays $9.8m for Perth CBD Site

High demand for Perth CBD prime sites has been underlined by a $9.8-million transaction on Wellington Street,

The 1396sq m site is in a precinct undergoing substantial transformation with the forthcoming developments of the adjacent Edith Cowan University City Campus and the Perth City Link project, which is opposite the property.

Also nearby are key projects including the Hub Apartments, Dorsett Hotel, and the Yagan Square redevelopment.

The site at 613-619 Wellington Street comprises 845.7sq m of office space a 827sq m warehouse area and 17 secure car parking bays.

It currently provides holding income and offers multiple redevelopment opportunities, according to Cushman and Wakefield, who handled the sale of the site for $9,788,100 to a private offshore investor.

Western Australia's robust economy and population surge further bolstered the appeal of this investment, Cushman and Wakefield said.

“The state has experienced the highest population growth rate in the nation at 3.1 per cent over the past two years, driven by overseas migration and the return of international students.

▲ A render of the Edith Cowan University precinct under construction nearby.

“This growth, set against a five-year average of 1.8 per cent to June 2023, marks the largest annual migration recorded for WA within a four-quarter period, coinciding with the residential sector's lowest vacancy rates in a generation at 0.7 per cent.”

The property was sold through Nick Charlton and Ben Younger, who said that during the five-week campaign more than 90 enquiries from national and international investors were received.

Younger said Perth’s CBD landscape “is undergoing a dramatic transformation with the new ECU Campus currently under construction”.

“This development will bring more than 10,000 students to the Perth City Link Precinct, increasing the demand for nearby properties.

“Many groups are looking to provide student accommodation and build-to-rent options within the precinct. Undoubtedly, this is a game changer for the CBD.”