Oswal offices sale
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.