The sale price translates to an initial yield of 7.9% yield.
Ms Foley said the buyer had seized the opportunity to make a counter cyclical investment in Western Australia and benefit from a stronger yield return than what could be achieved on comparable properties in the eastern states.
“Buyers were attracted to the property’s high yield coupled with the strong underlying land value and future redevelopment potential,” Ms Foley said.
The fully let first floor property at 7 Aberdeen Street comprises a net lettable area of 1,090sqm and is split into two tenancies. It also offers 23 car bays.
The property is located within the Piccadilly Square West commercial complex, which is home to several not-for-profits, government agencies and education providers.
Mr Milne said the property’s proximity to the train station and the Perth CBD had been a key selling factor.
“Perth’s expanding east end is an area undergoing transformation, incorporating a mix of apartment developments, offices, restaurants, community facilities and educational establishments,” Mr Milne said.
“With excellent access to public transport, this property represented an outstanding investment opportunity in a well-established and growing pocket of the city.”
The property’s current zoning and plot ratio would also allow for a future high density redevelopment subject to the relevant planning approvals.
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