An office building at 10 William Street in the Perth CBD is expected to generate strong investor interest as it hits the market this week due to its prime position and value-add potential.

The six-storey building has 4,248sq of net lettable area and sits on a 1,560sq m site, with secure open parking at the rear for up to 30 cars.

It has high street exposure and dual access from both William Street and Howard’s Lane to the rear.

The property is being taken to the market via an Expressions of Interest campaign run by Tony Delich and Zach Schreier of Knight Frank on behalf of three private overseas vendors.

With 24% of the building currently vacant and the potential for up to 74% vacancy by the end of 2023, the property offers a prime opportunity for an incoming owner to embark on a successful refurbishment and leasing campaign or owner occupation.

The property has a current net income of $1,356,524 per annum, with an estimated fully leased net income of $2,042,164 per annum.

The majority of the building has a 9B classroom certification, providing an opportunity for education- based buyers to occupy or lease the property. This is rare in the Perth CBD.

Price expectations are in the mid $20 million range.

Mr Delich said the property at 10 William Street provided a compelling offering primarily due to the advantageous building location and exceptional value-add potential within the Perth CBD.

“The property is situated in the core of Perth’s business district and in close proximity to the new CBD centre of Elizabeth Quay,” he said.

“With a large land holding of 1,560 square metres and its current underutilisation, there is significant future development potential being one of the last large development sites in the core of the Perth CBD.”

Mr Schreier said the property presented to a high standard compared to its competition.

“The building has been well maintained and has recently undergone significant base building upgrades to the amount of $2.5 million to enhance building efficiency and lessee comfort, positioning the property as a low-risk investment opportunity for incoming owners,” he said.

“It currently offers buyers a good balance between holding income and repositioning potential.”

The Expressions of Interest campaign for the property closes by 4pm (AWST) on Wednesday, August 30.

To request a copy of the Information Memorandum please contact one of the marketing agents via the contact details below. 

Perth CBD office building for sale by Knight Frank