After a stunning upgrade, 87 Colin Street West Perth is enjoying a 96% leased occupancy. 2,482m2 has been leased over the past 24 months by exclusive leasing agents Jack Bradshaw and Brian Neo, LJ Hooker Commercial Perth. 

Now regarded as one of West Perth’s most desirable buildings situated in a conveinent location, tenants from a range of sectors including finance, recruitment, mining, engineering to name a few have been secured. The tenants include Rox Resources, Octet Finance, Outback Network, IPA Personnel Services, Security Consulting Group, CDM Smith, Connective Broker Services and Quintis.

A 3-level office building, on the corner of Colin and Murray streets, the original property was taken from a dated 30 plus year old design to a striking modern structure boasting excellent natural light and luxury amenities.

Property investment management specialists Realside purchased the West Perth asset for $8.5 million plus GST in an off-market deal brokered by LJ Hooker Commercial Perth, in 2018. Realside – led by prominent WA property figure Mark Vonic - re-positioned the ageing facility to include a new entry statement, new end of trip facilities, full height window glazing and new mechanical plant as part of a sweeping building upgrade. With these upgrades in place, the building’s enhanced environmental performance Nabers rating improved from 3.5 stars to 4.5 stars.

87 Colin Street located on the corner of Murray Street provides tenants direct access to freeways, Perth CBD and the Hay Street, West Perth business hub which includes cafes, bars, restaurants, banks, food courts, and retail. The upgraded high quality building is well serviced by the CAT bus providing free, efficient transport to West Perth, the CBD Central and the Leederville Train Station. It is also a short walk to the City West train station.

Jack Bradshaw, executive at LJHooker commercial Perth said “Given the majority of transactions over the past 5 years have been for fitted space or more recently Landlords have employed the spec fitout strategy, it is an excellent result to see an asset which was offered to the market as a non-fitted refurbished solution to now be 96% occupied with 2,482m2 leased”

“All tenants were happy to utilise their incentive as a fitout contribution or incur their own fitout costs to tailor a design suitable to their requirements”

“The demand outlook for offices within West Perth especially high quality refurbished offerings has improved since Q4 2020”

“Interestingly, face rental rates generally showed minimal if any diminution from those rates achieved pre-COVID 19. A-Grade face rental rates are currently ranging from $350/sqm - $395/sqm. The higher end transacting at quality refurbished assets such as 87 Colin Street”

Brian Neo, Director & Principal of LJHooker Commercial Perth, told WILLIAMS MEDIA, “Notwithstanding the high headline vacancy rate, buildings that have repositioned to an A grade standard have found an audience. “Many tenants have realised through the pandemic that they aren’t CBD tenants and have been attracted back to quality West Perth assets. High car parking ratios, ease of access and convenience for clients are several key factors which counteract the flight-to-centre.”

“It remains to be seen if companies will continue to embrace a ‘work from home’ policy moving forward however West Perth, and the fringe generally, is well suited to flexible work place accomodation. This will have a substantial impact on future size requirements.”

The last 104 sqm suite, featuring a north facing balcony, is being created now and is expected to lease quickly as a truly bespoke private office. 

To request a detailed analysis of the lease deals mentioned in this article and or details of the remaining bespoke balconied office for lease please email either of the leasing agents via the contact forms below. 

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