West Perth office sells for $5m

Private investment group Tribar Capital has bought a fully-leased West Perth office building for $5.35 million.

The three level building at 25 Richardson Street comprises two upper level office floors totalling 1,466 square metres of net lettable area, 1km west of the CBD.

Anchor tenant Williams + Hughes occupy 60 per cent of the office.  

JLL director of sales and investments Sean Flynn, who negotiated the deal, said the asset reflected an initial yield of 6.3 per cent.

“The property has benefitted from extensive refurbishment works over the last couple of years and attracted a significant amount of buyer interest due to its proximity to the Perth CBD, public transport facilities and Perth’s outer suburbs.”

Mr Flynn added that JLL continued to see renewed confidence return to the West Perth market, with a considerable amount of interest coming from a mix of private investors, owner-occupiers and developers.

Tribar Capital director Neil Rose also heads up commercial property group Lever Property and is a non-executive director at Barton Gold.