An office building in a prime West Perth location 28 Kings Park Road sold providing investment and future development offering to the market sold for $5 million in a deal negotiated by Nick Charlton and Tony Delich of Knight Frank. 

The four-level prominent building at 28 Kings Park Road, on the corner of Altona Street, was purchased by a private investor from Sigul Pty Ltd in a deal negotiated by Nick Charlton and Tony Delich of Knight Frank.

The building, which has undercroft car parking for 38 vehicles and has a net lettable area of 1,331sq m, is situated on a 999sq m site.

Mr Delich said West Perth remained Western Australia’s most prestigious and sought after inner-city office market, and buildings on Kings Park Road were highly desirable, especially if they offered upside potential.

“This property was also on the very popular Kings Park Road, which is tightly held by a small number of owners,” he said.

“The tightly held nature of ownership ensures that when an asset comes to market it is well fought over and generates significant interest.”

Mr Charlton said the Offers to Purchase campaign for the property resulted in strong enquiry from buyers, with 20 inspections in the first two weeks.

“The competition amongst buyers led to a stronger than expected result,” he said.

“The sales market in Perth has been strong at all levels from major institutional deals to smaller development sites.

“In context of Perth metropolitan market, this sale fits in with the current theme we are seeing with well- located, good-quality assets trading at a premium to pricing assumptions.”

Mr Charlton the current low interest rate, counter-cyclical environment was resulting in increasing interest from astute local investors who recognised the market in West Perth was at its low point and offers opportunistic buying.

To request a sales analysis please email either of the selling agents via the below contact forms.