Lease success for Herdsman landlord

​Perth, 23 January 2014 – A Herdsman owner is on track for double success with the lease campaign of a newly refurbished office building on Walters Drive.

Last year, the private owner achieved an outstanding result by fully leasing 435 Scarborough Beach Road to two new tenants in deals totaling over 4,000sqm.

CBRE’ has subsequently been jointly appointed by the same landlord to lease the adjoining office building at 29 Walters Drive, following a major upgrade and refurbishment program.

CBRE’s office services director Lachlan Lewis said there was already strong interest in the space following the successful leasing of 435 Scarborough Beach Road to high profile tenants Johnson & Johnson for 1,870m2 and the St John of God Hospital for 2,115m2.

“In what was a challenging 12 month period in the Perth office leasing markets, the Scarborough Beach Road property was committed to the new tenants with no lease downtime,” Mr Lewis said.

“On the heels of that result, the owner is putting the finishing touches to a significant upgrade and refurbishment of the adjoining, Walters Drive building, which is already generating strong interest. Given the current level of tenant demand, particularly from medical tenants and childcare operators, we expect the space to be fully leased by the time the refurbishment works are completed.”

Mr Lewis linked the interest in the two buildings to the cost competitiveness of the Herdsman market relative to areas such as Subiaco and West Perth.

“The Herdsman market is also benefitting from the increased amenity being afforded by new food / coffee shop openings and from works associated with the Scarborough Beach Road Activity Corridor Framework, which is creating increased on street parking, a significantly improved streetscape and road safety” Mr Lewis said.

The next opportunity being offered to the market is 29 Walters Drive, which provides circa 1,000sqm on ground floor with up to 50 onsite parking bays and huge corporate building signage.

Mr Lewis said a significant upgrade of the building was being completed, involving new bathrooms, ceilings, new generation lighting, staff breakout areas and new landscaping.

The works are due to be completed by mid-February.