A two-storey office building in Perth’s CBD known as the former Sunday Times building, but now fully leased to the Western Australian Government, is up for sale. 

The property at 34-50 Stirling Street occupies a 6,085sq m site and has 6,448sqm of fully fitted out  office space, as well as a basement providing parking for 25 cars and 603sq m of storage space. 

It is being taken to the market via an Expressions of Interest campaign run by Knight Frank and Cygnet West on behalf of the vendor, Elanor Funds Management. 

The Perth CBD property, which was formerly the Sunday Times building and sits on the corner of  Stirling and James Streets, was originally constructed in the 1960s. The western portion of the building  was demolished in 2009 and replaced with a purpose-built office, while the remainder of the building  was refurbished. 

The office building has amenities including a concierge desk, gymnasium and secure gardens and  strong ESG credentials, with a 4.5 Star NABERS Energy and Water rating. 

It is 100% leased to the Western Australian Government’s Public Transport Authority, which has  occupied the property since 2020. 

The asset has a net passing income of more than $2.8 million per year with average net passing office  rents of $436/sqm. 

Knight Frank’s Tony Delich said the Stirling Street building was a land-rich inner-city investment with  untapped potential. 

“The property has a secure return underpinned by a solid tenant, with the Public Transport Authority  responsible for developing and operating ongoing major public transport projects across the state,” he said. 

“However, it also has the upside of multiple future development opportunities. 

“It is a significant 6,000 square metre-plus city-fringe landholding with three street frontages, offering  potential for a future development exceeding 34,000 square metres, unrestricted by height limits as  the Perth City Centre zoning allows for flexible built-form outcomes.” 

Cygnet West’s Wayne Lawrence said the Stirling Street property was in a central location close to public transport, including the Perth Train Station and the Perth Busport, and amenity, including malls  and the Northbridge entertainment precinct.

“This property sits within a thriving high-growth city precinct enriched by cultural, educational, and  entertainment offerings,” he said. 

“This precinct is reshaping Perth’s CBD, shifting focus from Adelaide Terrace to become the hub for  key government departments, the upcoming Edith Cowan University campus and a range of other  developments including in the Kings Square precinct and Yagan Square. 

“Recent sales of major sites for student accommodation, new hotels, and Build-to-Rent community  housing near Stirling Street further highlight this area’s growth potential.” 

The Expressions of Interest campaign for the property will close at 3pm (WST) on Thursday, March  27. 

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