27 October 2010

Landmark Northbridge address for sale

  • New Northbridge

EPRA is inviting offers to purchase a 575-square metre site on Aberdeen Street, Northbridge, strategically located at the centre of Perth’s cultural, commercial and entertainment precinct and featuring a heritage building.

The site and heritage building at 100 Aberdeen Street has mixed use development potential up to nine metres or two storeys, and offers exposure on three street frontages, as well as on site parking.

EPRA CEO Tony Morgan said the site’s location and leasing potential was expected to attract interest from investors and developers keen to capitalise on strong rental returns, as well as small business owners seeking premises in a highly-visible, well-serviced location.

“This site is located in a popular part of Perth that has enjoyed considerable growth over the past few years, with high profile commercial and mixed use properties recently setting record prices and rental returns,” Mr Morgan said.

“EPRA envisions the building could be used immediately as a small business premises or redeveloped to provide a larger floor space as we’ve seen in many other areas of Northbridge.”

Investors have until 26 November 2010 to lodge an offer of purchase with selling agent Jones Lang La Salle and EPRA expect to finalise the sale before the end of the year. 

The building is listed on EPRA’s Heritage Inventory and features a range of character finishes, including polished floorboards, high pressed-tin ceilings and ornate cornicing.

The site is within EPRA’s New Northbridge project area, which has been extensively redeveloped and revitalised. The regeneration project was recently awarded the prestigious Urban Development Institute of Australia (WA) President’s Award for development excellence.

“New Northbridge has benefited from major investment in roads and services, as well as enhancements to the nearby cultural and retail precincts, with the new State Theatre Centre due to open in January and exciting new businesses moving into the refurbished William Street heritage buildings,” Mr Morgan said.

“The New Northbridge project is almost complete and is expected to attract $300million worth of investment, creating 460 new residences for 1,250 people and 70,000sqm of new retail and commercial space.

“The $61million Central Institute of Technology development will also add to the vibrancy of New Northbridge attracting 26,000 students into the area.

“The timing of this sale, as the current lease comes to an end, is ideal for purchasers seeking flexibility around the property,” Mr Morgan added.

100 Aberdeen Street will be released to the market for offers of purchase from Wednesday 27 October 2010.

Further information about the property can be obtained from Tom Nattrass at Jones Lang La Salle on (08) 9483 8454.