Oswal of­fices sale

The West Australian - - PROPERTY -

A high-rise build­ing at the cen­tre of a 2010 court case in­volv­ing In­dian en­trepreurs Pankaj and Rad­hika Oswal has hit the mar­ket.

The A-grade of­fice build­ing at 503 Mur­ray Street in the Perth CBD is ex­pected to fetch be­tween $45 mil­lion and $50 mil­lion.

CBRE’s Aaron De­sange, Michael An­drews and Kate Fo­ley have been ap­pointed to mar­ket the prop­erty for sale via an ex­pres­sions-ofin­ter­est cam­paign on be­half of a Perth-based in­vest­ment syn­di­cate.

A group called Fair­world Hold­ings, which owned 2670sqm over three floors at 503 Mur­ray Street, rented the space to the Oswals in 2010.

Fair­world’s share­hold­ers in­cluded mem­bers of the Zorzi fam­ily and prom­i­nent lo­cal builder Peter Bel­cas­tro.

The syn­di­cate claims it was owed al­most $750,000 in un­paid rent and other costs

Built in 2009, the A-grade of­fice build­ing has 7299sqm of of­fice space across seven lev­els, with an­chor ten­ants in­clud­ing WSP, NEC and Health En­gine.

The build­ing is close to the Mel­bourne Ho­tel and the QV1 re­tail plaza and is close to the Perth City Link precinct.

Mr De­sange said it was a good time to buy.

“With fore­casts of 24 per cent ef­fec­tive rental growth for A-grade stock by 2022, the op­por­tu­nity to pur­chase 503 Mur­ray Street comes at an op­por­tune time given the abil­ity to re­set the lease pro­file,” Mr De­sange said.

“Perth is cur­rently recog­nised as a key growth mar­ket site that ben­e­fited from Ned­lands’ new planning scheme al­low­ing for higher den­si­ties is now on the mar­ket.

The 1107sqm site at 75 Stir­ling High­way will sup­port at least 40 apart­ments and ground-level com­mer­cial.

The site is op­po­site the fu­ture Aldi su­per­mar­ket, which will be the first in the west­ern sub­urbs.

Wool­worths is also planning to up­grade the area sur­round­ing Cap­tain Stir­ling Ho­tel.

Plans have been de­vel­oped for shops, restau­rants, of­fice/con­sult­ing rooms and res­i­den­tial de­vel­op­ment, as well as other com­mer­cial and en­ter­tain­ment uses.

The site has been listed by LJ Hooker Com­mer­cial Perth prin­ci­pal Vin­cent Si­cil­iano and di­rec­tor Brian Neo.

“The Gov­ern­ment has recog­nised the cur­rent and fu­ture amenity in the sur­round­ing area,” Mr Si­cil­iano said.

He said there was scope for a de­vel­oper to cater to stu­dents or med­i­cal pro­fes­sion­als in the area, given it was close to the Univer­sity of WA, Sir Charles Gaird­ner Hos­pi­tal and Perth Chil­dren’s Hos­pi­tal.

“At­tached, af­ford­able ac­com­mo­da­tion op­por­tu­ni­ties in the area are lim­ited,” he said.

Mr Neo said it was a rare op­por­tu­nity.

“Ned­lands is on the cusp of its great­est re­ju­ve­na­tion in decades,” he said.

A com­mer­cial as­set used as a pop­u­lar rest stop by lo­cals and vis­i­tors to Bin­doon is for sale by ex­pres­sions of in­ter­est.

The prop­erty, at 27 Binda Place, has 785sqm of let­table area and 1252sqm of land and is fully ten­anted and an­chored by Bin­doon Bake­haus.

The build­ing at 503 Mur­ray Street in the city.

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