JLL has been appointed to exclusively market a high-quality portfolio of four adjoining office buildings, providing 13,700 sqm of office accommodation across a 5,633sqm landholding within Perth’s CBD.

The assets, located at 251, 253, 255 & 267 St Georges Terrace, are to be sold collectively or 267 St Georges Terrace can be sold individually with the remaining three sold in one line. The latter three properties are interconnected buildings, leased to major tenant Nine Network Australia on a 12-year term. Nine completed a new studio and office fitout in 2016.

A major refurbishment at 251 St Georges Terrace was completed in February 2022 and capex works on the other adjoining buildings have recently been executed, resulting in six new leasing transactions totalling 3,450 sqm across 2021 and 2022.

These works included lift upgrades, new end of trip facilities, speculative fitouts and a spectacular new entrance hall at 251 St Georges Terrace overlooking the adjoining parklands, highlighting a vista across Perth’s CBD skyline.

The portfolio is circa 80% leased and provides a 3.21-year Weighted Average Lease Expiry (WALE).

JLL’s Head of Capital Markets (WA) John Williams said, “The buildings have benefitted from significant capex and provide good holding income. The underlying land component of 5,633sqm is one of the largest landholdings Perth’s CBD.

“The site is underdeveloped and therefore provides a new owner the opportunity add to the existing buildings in the medium term or construct a landmark building in the longer term. Given the significance of the site at the gateway to the western end of the Perth CBD and at a high point in the city, this is a unique aspect for a CBD office investment

JLL’s Director, Capital Markets, Sean Flynn added, “The properties come to the market at a time when there has been significant improvement in the CBD office leasing market. Perth vacancy rates have generally reduced in the last three years on the back of increasing tenant demand driving further rental growth. Not surprisingly, the buildings have attracted a number of recent leasing deals with others currently under negotiation.”

Expressions of Interest close on Thursday 3 November 2022.

To request a copy of the Information Memorandum please contact one of the marketing agents JLL’s Head of Capital Markets (WA) John Williams, JLL’s Director Capital Markets Sean Flynn, via the contact details below.