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Australian Development Capital rewarded for recent purchase of West Perth asset

Jess Freeman • 07/02/2023


In March 2022, Australian Development Capital (ADC) acquired 8 Richardson Street, West Perth and immediately set about providing a unique offering to the market.

Constructed in 1989, 8 Richardson Street had recently benefitted from a refurbishment of lobby, brand new end of trip facilities and a full refurbishment of vacant floors.

A strategy to target ASX listed resource firms was delivered by the Cushman & Wakefield Office Leasing Team, who quickly secured Mincor Resources (790 sqm) and Auteco Minerals (800 sqm) following a lease last year to WorkPac (715 sqm).

The building has now been fully leased by Roly Egerton-Warburton and Harry Wise of Cushman & Wakefield.

According to Roly Egerton-Warburton, “This is a great example of executing a shared strategy with our client, resulting in a fully leased asset in a very short period of time from purchase”.

“The strategy involved delivering brand new, full floor, turnkey fit outs for high quality tenants providing a unique offering in the West Perth marketplace. Tenants were secured before the fit outs were delivered, so we were able to custom build the fit outs for them, providing a bespoke design for the tenants and reduced letting up periods and risk for our client,

Mr Egerton-Warburton went on to say “it was a pleasure to work with ADC and with Auteco and Mincor. It was an excellent result for all parties”

“The West Perth market continues to strengthen, with vacancies falling to around 13% and a shortage of high-quality building. Net Rents are moving up at an impressive rate and incentives are in decline. It is very encouraging, and a direct reflection on the strong performance of the Resources sector” he said.

According to Rod Hamersley, ADC Director “When we purchased the asset, we understood the lack of quality options available in the location, and the growing tenant demand for high quality stock in West Perth. We are thrilled that the asset is now fully leased in such a short timeframe and really appreciate the team’s effort in implementing the successful leasing strategy.“

Harry Wise added, “8 Richardson Street has the benefit of having large, side core floorplates, promoting excellent natural light and an efficient work area. A central location, new end of trip facilities, modern lifts and air conditioning all assisted greatly in securing the right tenants for this asset. We thoroughly enjoyed working with ADC on this project, and great to see it reach completion so quickly”.

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