Prime Perth office comes to market

On behalf of Stockland, Savills Western Australia has brought to the market 45 St George’s Terrace, in the heart of Perth’s central financial precinct.

Previously the State headquarters for The Reserve Bank, the property comprises ten floors of prime high-quality office space with a net lettable area of 107,822 sq ft (10,017 sq m). The property is currently securely leased to a variety of established tenants, and is generating approximately AUD$5,971,595 of rental income per annum. The prime central location is further enhanced by Swan River views from the upper floors, and close proximity to Perth’s premier retail attractions.

Paul Craig, Managing Director at Savills WA, comments: “This prominent asset is being offered to the market at a time of unprecedented tightening of office supply in the Perth CBD, continued strong demand and forecasted future rental growth. The property provides a unique opportunity to capitalise on these market circumstances, with a significant upcoming lease expiry of over 60% of net lettable area in early 2014. We see this as a unique opportunity to both secure the lease profile and improve the income position of the property, and we are confident it will generate strong interest from east coast and offshore investment groups attracted to this growth potential of the Perth office market.”

Miles Rowe, Director at Savills WA, adds: “Perth’s office market continues to outperform all other national CBD markets, underpinned by strong tenant demand from the resources sector. The city is Australia’s tightest office market and it is only going to get tighter, creating some fantastic value-add opportunities where lease profiles permit. Against this market backdrop, 45 St Georges Terrace provides a rare blue-chip investment opportunity, with the right lease expiry profile in the historic heart and traditional financial precinct of the Perth CBD.”

45 St Georges Terrace is being offered for sale via Expression of Interest campaign.