A two-level office building in Innaloo has sold for $4.07 million to a not-for-profit group, in a deal brokered by leading independent commercial property agency Cygnet West.

Located at 374 Scarborough Beach Road, the property has a net lettable area of 959sqm on a 1,138sqm lot, with 20 car bays and frontage to Scarborough Beach Road and Wotan Street. It was previously developed and occupled by software developer Sage/The Access Group, which has since moved to new premises in the Perth CBD.

Cygnet West Commercial Agency Partner Tory Packer brokered the deal in collaboration with Commercial Agency Director Henry Vu.

The reported purchase price of $4.07 million includes GST.

Ms Packer said the buyer plans to repurpose and occupy the building, which is located just 300 metres from Westfield Innaloo Shopping Centre. "We received extensive enquiry for this building, and buyers were drawn to the location, exposure to a high traffic road and the potential to repurpose it for their own needs,"

Ms Packer said. "Following growth in construction costs and a decline in commercial properties prices, owner occupiers are capitalising on opportunities to secure vacant buildings at prices that are well below replacement cost."

Mr Vu said the transaction was Indicative of the strong demand from owner-occupiers for well-located commercial buildings across Perth's middle ring suburbs. "With its transport links, proximity to the CBD and its lifestyle perks, Innaloo appeals to a diverse range of organisations seeking their own premises," Mr Vu said.

Other recent Perth Office Building news and transactions:

Perth’s 10 William Street sold, making it the only major CBD office sale to be negotiated, exchanged and settled this year - Knight Frank

Cottesloe’s first new commercial office development in 25 years offers rare opportunity for businesses - Sterling Property

503 Murray Street sold for $33.225 m in Perth’s largest CBD transaction this year - Sterling Property