CBRE is inviting expressions of interest for an A-grade office building in the revitalised western end of Perth's CBD.

Constructed in 2009, 503 Murray Street comprises 7,299square metres of office space across seven levels, with anchor tenants including WSP, NEC and Health Engine. 

The building is situated near the redeveloped Melbourne Hotel and the QV1 retail plaza, which includes an array of food and beverage options, as well as a childcare centre.

At a glance: 

• CBRE has been appointed to sell the office building at 503 Murray Street, Perth on behalf of a private syndicate.
• The address comprises 7,299 square metres of office space across seven levels, with anchor tenants including WSP, NEC and Health Engine. 
• The building is situated near the redeveloped Melbourne Hotel and the QV1 retail plaza.

 It also benefits from proximity to the Perth City Link precinct, which has only 6 per cent vacancy remaining across four A-Grade buildings, totalling approximately 62,700sqm NLA. 

CBRE’s Aaron Desange, Michael Andrews and Kate Foley have been appointed to market the property for sale via an Expressions of Interest campaign on behalf of a private syndicate. 

Mr Desange said the property represented an opportunity to capitalise on Perth’s improving investment fundamentals. 

“With forecasts of 24 per cent effective rental growth for A-grade stock by 2022, the opportunity to purchase 503 Murray Street comes at an opportune time given the ability to reset the lease profile,” he said

“Perth is currently recognised as a key growth market in Asia Pacific, drawing greater levels of offshore and domestic interest amid its attractive yield spreads to that of the Eastern Seaboard capital cities and strong rental growth forecasts.

"Specifically, there is strong buyer appetite for assets that offer value-add opportunity and core plus returns.”   

Expressions of Interest close July 17, 2019. 

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