LJ Hooker Commercial Director Brian Neo told WILLIAMS MEDIA a shortage of stock and strong demand for blue-chip properties in prized locations has seen a flurry of transactions negotiated in the past few months. 

LJ Hooker Commercial director, Brian Neo said 2020 finished off very strong for them and this year is following suit with a significant number of recent deals already.

One of the latest sales negotiated by the agency, was an office warehouse at 29 Carrington Street, Nedlands which sold off-market for $2.1 million.

Mr Neo said, in South Perth, we sold a vacant medical facility to an owner occupier for $2.365 million. “Located at 23 Charles Street, the character-filled building attracted strong interest,’” he added.

A heritage property located at 550 Stirling Highway, Peppermint Grove sold to an investor for $1.5 million which was also an off-market transaction. Mr Neo said the buyer was attracted to the overall character appeal of the property being a former police station, the location and tenant profile. “The sale price reflected a yield of just 2.9%,” he said.

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In other deals, an owner-occupier paid $645,000 for strata office space at lots 8 & 9, 22 Railway Road, Subiaco while in the same suburb a former Mediterranean restaurant that was converted to offices also sold to an owner-occupier at a price of $2.5 million. The latter property has a colourful history being one of Australia’s most famous lunch haunts to some of WA’s best-known entrepreneurs during the 1980’s.”

Claremont saw two off market sales with 8 Bay View Terrace selling for $2.6 million and 4/40 St Quentin Avenue transacting for $1.55 million.

Mr Neo said well-positioned blue-chip properties in the popular up-market areas were in hot demand adding that, “many of the deals were done off-market.”

Mr Neo commented that the buyers were predominantly a mix or owner-occupiers and investors who were paying a premium due to limited available stock.

“Buyer appetite is showing no signs of abating and we are expecting strong demand to continue this year with the only issue being a lack of available stock,” he added.

A detailed transaction analysis is available for each sold property below by emailing the selling agent Brian Neo via the contact form below: 

• 29 Carrington Street, Nedlands - Sold $2,100,000 
• 23 Charles St, South Perth - Sold $1,365,000
• 550 Stirling Highway, Peppermint Grove - Sold $1,500,000 
• Lots 8 & 9 / 22 Railway Road,Subiaco - Sold $645,000 +gst
• 8 Bay View Terrace, Claremont - Sold $2,600,000 
• 4/40 St Quentin Ave, Claremont - Sold $1,550,000 +gst 
• 414 Rokeby Road, Subiaco - Sold $2,500,000 

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