JLL’s Sean Flynn, Nigel Freshwater, Simon Storry and Kate Low have been exclusively appointed to sell Eastpoint Plaza, 233 Adelaide Terrace, Perth on behalf of Melbourne-based private real estate investment company VIMG.

The landmark 11-storey CBD office tower with over 11,280sqm of NLA and 99 car bays is instantly recognisable in the city’s east-end with its angular and striking façade, which generates an abundance of natural light to its expansive floor plates via both its Terrace and River elevations. The latter outlook delivering spectacular Swan River views from all upper floors from Levels 1 to 11.

Within easy walking distance to both the city’s retail malls and Elizabeth Quay, Eastpoint Plaza also benefits from its proximity to Perth’s legal precinct with nearby facilities including the Federal and Family Court, District Court, Magistrates Court, Supreme Court, The State Administrative Tribunal and the David Malcolm Justice Centre.

The office tower has undergone extensive refurbishment since 2021, including upgrades to the entrance, lobby, lift foyers, bathrooms, and end-of-trip facilities which in concert with the building’s overall quality and presence, and other key attributes including uninterrupted river views, significant occupancy cost advantage and high car parking ratio, delivers one of the most competitive offerings in the Perth leasing market.

Sean Flynn, JLL Senior Director, Capital Markets - WA commented, “Eastpoint Plaza has recently generated excellent leasing momentum with about 33% of office space in the building having been either newly leased or renewed since 2022. Another strong indicator of support for the precinct is the recent announcement that another quality building nearby, 226 Adelaide Terrace, is now 100% occupied.”

“It’s pleasing to see the diversity of tenant mix with the buildings occupancy profile reflecting leading sectors across the WA economy including mining and resources, State and Federal government, engineering, legal and professional services,” Mr Flynn added.

Nigel Freshwater, JLL Senior Director, Capital Markets - WA said, “In addition to the important work that’s been undertaken to deliver overall building amenity, the heavy lifting has also already been done across the now limited number of available tenancies within the building, with Level 6 featuring an impressive full-floor spec fit-out across 1,050sqm and the balance, much smaller spaces featuring either partial spec-fitout or warm shell refurbishment.”

“In essence, Eastpoint Plaza is tenant-ready with a variety of spaces and outlooks available, and not surprisingly, there are currently several tenant prospects circling the building, which is likely to see the building head towards 100% occupancy in the not too distant future,” Mr Freshwater added.

Simon Storry, JLL Executive Director, Capital Markets - Australia said, “WA’s economy is underpinned by a booming resource sector with long-term expectations of continued strong growth and is currently the only state or territory with a triple-A credit rating from both Moody’s and S&P Global.

“Importantly, the State’s booming economy is reflected in the Perth CBD office market, which has consistently outperformed other capital city CBD office markets by delivering the nation’s strongest reduction in vacancy, ‘return-to-work’ rebound and net office absorption outcomes in the last 12 months, and an impressive 3.8% net effective rental growth over the same period.” Mr Storry added.

Kate Low, JLL Head of International Capital, Australia & New Zealand explained that: “Australia continues to be a high priority as an investment destination for offshore capital. The macro-economic fundamentals driven by one of the highest population growth outlooks amongst advanced economies from overseas migration and international student inflow attracts offshore capital to the Australian commercial real estate market.”

“The strong long-term prospects illustrated by the WA economy coupled with its geographical relationship with major trading partners such as India, Malaysia, Indonesia and Singapore have placed renewed focus on Perth as an investment destination for buyers from these markets, Japan and further afield,” Ms Low added.

With a fully leased net income of just under $5.3 million per annum and built-in rental growth via annual fixed reviews, Eastpoint Plaza is expected to generate an attractive return which should deliver a significant margin to borrowing and open-up the opportunity to a wide range of potential investors.

Eastpoint Plaza is offered for sale via an international Expressions of Interest campaign, closing 2pm (AWST) Thursday 11 April 2024.

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Perth’s CBD office market a standout performer nationally - Knight Frank | Commo.

503 Murray Street sold for $33.225 m in Perth’s largest CBD transaction this year - Sterling Property  | Commo.