The Public Transport Authority has purchased a Stirling Street property for $30 million, while the owners of Shafto Lane are expanding their footprint in a $19 million deal.
The Public Transport Authority of WA has purchased a Perth office building for $30 million, amid close to $50 million of recent CBD transactions.
The state government entity bought 34 to 50 Stirling Street from NSW-based Elanor Investors Group for $30.25 million, RP data shows.
The two-storey office building sits on a 6,085 square metre site, with 6,657sqm of net lettable area.
The Public Transport Authority occupies the entire building with its Metronet offices.
It was the home of The Sunday Times newspaper until 2020, when the state government moved in.
The property was built in the 1960s, with Elanor purchasing it for $24 million in late 2018.
Cygnet West and Knight Frank Australia marketed the property via an expressions of interest campaign.
Marketing material described the asset as a major city-fringe landholding, fully leased to the WA government, that offers multiple future development opportunities.
“The location provides a perfect link between Perth’s accessible northern office precinct, Perth train station and Yagan Square, Northbridge and the Core CBD,” the material read.
“With WA’s leading economy and leasing market at its most active in a decade, this asset is positioned to deliver strong future returns.”
It generates $2.8 million of net income each year until at least December 2025.
West end
Malaysian-backed investors have bought two adjoining properties for a combined $19 million, expanding their presence in Perth’s west end.
Quintex Capital, which is registered in Singapore and controlled by Victoria-based investors Chiew Lim and Tien Hou Lim, bought 413 Murray Street and 886 to 890 Hay Street from Perth business identities Roger and Yulia Bryer.
The Malaysia-born duo also owns properties in Shafto Lane, via Ranchwood Holdings, which is ultimately owned by Malaysian company Rataville Enterprise.
Dinh Holdings, owned by Roger and Yulia Bryer, of Cottesloe, sold the Murray Street Property for $7.5 million.
The 874sqm asset is occupied by Simple Italian Restaurant.
Conquest Corporate, also owned by the Bryers, sold a 1,151sqm building at 886 to 890 Hay Street.
The vacant property was was formerly occupied by Tony Barlow Menswear.
The deals were conducted off market.
Business News understands the Bryers have been looking to strike a deal with the neighbouring landlords in Shafto Lane for several years.
