613-619 Wellington Street
In a significant development for Perth's real estate scene, a two-storey character building, nestled along the bustling Wellington Street, is being bought to market for the first time in two decades.
Cushman & Wakefield have been appointed to bring this landmark property at 613-619 Wellington Street to market. Its location directly opposite the Perth City Link Precinct which has seen the extension of Perth’s core linking the Northbridge precinct to the CBD.
With a total office area of 845.7sqm*, and warehouse space of 500sqm*, the property occupies a substantial 1,396sqm* site across two titles. Recent investments in speculative fit-out accommodations have further enhanced its appeal, offering a blend of modern amenities within a classic facade.
The property's allure is not solely anchored in its physical attributes; it also holds potential for redevelopment, thanks to its location. Under current zoning guidelines the block is zoned for the plot ratio of 5:1 with additional bonus plot ratios of up to 70% dependent upon use.
For sale through Nick Charlton and Ben Younger of Cushman & Wakefield, and with secure holding income in place with a lease to Aspermont who occupy a portion of the property until September 2025, prospective buyers are presented with an opportunity to capitalise on both immediate returns and future development prospects.
Nick Charlton expressed optimism about the property's prospects, especially in light of the impending completion of the nearby Edith Cowan University City Campus. "We anticipate high levels of interest from both local and national groups," he remarked, highlighting the property's strategic positioning amidst Perth's urban renaissance.
Ben Younger commented "With a critical shortage of student beds in Perth and our last data from the Student Accommodation Council showing there is approximately 1 bed for every 27 tertiary students we anticipate strong demand from the Purpose-Built Student Accommodation (PBSA) sector”.
“The property also has current holding income so whilst we expect strong interest from the PBSA sector, the site will also suit those looking for well-located parcels of land with significant upside potential”.
The property's location opposite the Perth City Link precinct adds another layer of interest to purchasers, with ongoing developments forecast to see in excess of $3 billion invested into the area. From the Hub Apartments to the Dorsett Hotel and the eagerly anticipated ECU City Campus, the precinct may redefine Perth's urban fabric.
Moreover, Western Australia's robust economy, coupled with a surge in population growth, further underscores the property's investment appeal. With a population growth rate of 3.1% per annum in the last two years—surpassing the national average—the state is witnessing unprecedented demand across various sectors, including residential real estate.
“As Western Australia's residential sector grapples with historically low vacancy rates, the timing couldn't be more opportune for investors eyeing prime properties like 613-619 Wellington Street. With its rich heritage, strategic location, and immense redevelopment potential, this iconic building stands poised to script the next chapter in Perth's storied urban narrative” said Mr Charlton.
The property is for sale via an International Expressions of Interest campaign closing Wednesday 24th April 2024 at 2pm (AWST)
