Two fully-occupied office buildings in a prime corner position in West Perth will be offered to the market this week for the first time in 20 years.

The properties at 1 Walker Ave and 7 Rheola Street consist of a three-level office building with a total net lettable area of 1,851sq m and a four-level office building with a total net lettable area of 1,587sq m.

The two properties have a total building area of 3,448sq m with 54 secure undercover car parks and 16 external car parks, and occupy a strategic corner site of 2,189sq m.

They are being taken to the market via an Offers to Purchase campaign run by Tony Delich and Cory Dell’Olio of Knight Frank on behalf of the private owner.

Price expectations for the two assets are around $20 million.

Mr Delich said the buildings were expected to generate strong buyer interest, being a high-quality, low-risk investment.

“These assets are both fully occupied by a diverse mix of tenants in the medical and resources sector including Black Rock Mining, AVZ Minerals and Griffin Coal Mining,” he said.

“1 Walker Avenue has a WALE by income of three years and 7 Rheola Street has a WALE of 2.6 years.

“The properties are in good condition, with both having had a significant recent refurbishments including new internal fitout services and the replacement of lifts.

“They are also in a prime location, close to Kings Park, with easy access to the Perth CBD, with West Perth being one of Perth’s largest and most prominent metropolitan office localities outside the CBD.”

Sign up here to receive our COMMO newsletters and breaking news sent straight to your inbox.

Mr Delich said buyer appetite for quality investment assets priced to meet market expectations in Perth remained strong.

“There will be strong demand for assets this year which are keenly priced to meet market expectations of higher yields in 2023 given recent rapid rise in interest rates,” he said.

“Yields in the 6.5 per cent to seven per cent range will be the norm for well-leased office assets.”

The Offers to Purchase campaign for the West Perth properties will close at 3pm AWST on Wednesday, March 8.

To request a copy of the Information Memorandum please contact one of the marketing agents Tony Delich and Cory Dell’Olio of Knight Frank via the contact details below. 

Sign up here to receive our COMMO newsletters and breaking news sent straight to your inbox.

Click here to read more COMMO articles on the West Australian commercial market.