Perth, 11 September 2013- Recent transaction activity would suggest that the Mirrabooka Regional Centre is building momentum as a commercial investment location. CBRE’s Tom Parker and Michael Milne have recently concluded the sale of 22 Chesterfield Road for $2.7m and currently have 9 Chesterfield Road on the market with numerous buyers circling the asset.
The 22 Chesterfield Road sale reflected circa 10% on net passing income with notable tenants including Minister for Health (North Metropolitan Health Service) and Atwork Australia. Other notable commercial sales in Mirrabooka include the Extreme Ice Arena, at 15 Chesterfield Road and a Medical Centre north of the Reid Highway at 77 Honeywell Boulevard have that have both recently transacted for $2.5m and $2.175m respectively. The City of Stirling have also advised that a 4 level office development has been approved at 17 Chesterfield Road which highlights the City’s desire for more intensive development in the centre.
CBRE Investment Sales Negotiator Tom Parker stated “The main impetus behind this fresh spike in investment activity is Mirrabooka’s existing regional centre amenities, coupled with its strategic central location, particularly with Reid Highway providing a direct link from Mirrabooka to the Mitchell Freeway and Tonkin Highway”.
“The ease of access will further be enhanced by the proposed Metro Area Express (MAX) network which will provide a direct transport link between Mirrabooka and the Perth CBD” Mr Parker added.
MAX is part of the State Government’s plan to ease congestion in metropolitan Perth as the population is expected to reach 2.2m by 2031 and will provide a direct line from Mirrabooka to Perth’s CBD. Although there is still some indecision as to the light rail route through the CBD, the line ending at Mirrabooka remains certain and the Department of Transport are expecting the project to be completed by the end of 2018.
The anticipated benefits that MAX will bring to the Mirrabooka Regional Centre coupled with the area’s high level of existing development and infrastructure is encouraging owner-occupiers, investors and land bankers to gain a presence in Mirrabooka.
“The Mirrabooka Regional Centre has healthy prospects going forward because on top of the proposed MAX network there is already a high level of services and amenity in the area with Stan Perron’s Mirrabooka Square Shopping centre, the bus terminus and the Herb Graham Recreation Park all surrounded by a large established residential catchment” according to Mr Parker.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website atwww.cbre.com.au.