A commercial property in West Perth’s town centre hub has been listed for sale in what marks an opportunity to acquire a footprint in the vibrant Hay Street precinct with significant redevelopment potential.
1202 Hay Street currently comprises two building components, including a two storey front original building of 685sqm, together with a 400sqm high grade extension. The property also includes 31 onsite car parking bays.
The offices are leased to top tier, national corporate law and advisory firm Gilbert + Tobin, providing a strong income stream.
The sale process is being conducted by Ben Younger and Michael Milne of CBRE’s Capital Markets team, who outline that the property presents an attractive investment and/or redevelopment opportunity in a premium ‘town centre’ location.
“Positioned on a 1,991sqm land parcel, the site comes with two street frontages to Hay and Mayfair streets within one of Perth’s most revered retail and commercial precincts,” Mr Younger said.
“This property benefits from a central position on the major thoroughfare of Hay Street, in the heart of West Perth’s retail and café precinct, as well as close proximity to Perth’s renowned King Park and a short walk to the CBD,” Mr Younger added.
Mr Milne said the property’s strategic location and zoning would be key selling factors.
“The property offers high density redevelopment potential, with a versatile ‘Town Centre’ zoning, which renders it well-suited to accommodate a hotel, residential, mixed use or extended commercial project.”
The property is being offered for sale via public ‘Offers Invited’ process closing Thursday 17th March 2016.