A three-storey commercial centre at 573 Canning Highway, Alfred Cove, has sold for $4 million, to a local medical professional.
Brokered by RWC WA agents Michael Milne and Lachlan Burrows, the deal shows growing demand from local buyers seeking operational upside over passive yield investors.
The 967sqm freehold building has 14 commercial tenancies and a generous 31 car bays upon the sizable 1,428sqm freehold land area, with a flexible ‘town centre’ zoning.
Currently only 50 per cent occupied, the property yields $171,715.88 per year in net passing income, with the $4,000,000 sale price reflecting $4,136/sqm on net lettable area, and a land rate of $2,801 per sqm.
RWC Senior Advisor Michael Milne said local buyers with clear expansion plans are driving activity in the middle market.
“Concise bidding from local buyers with a strategic purpose are now surpassing the flood of eastern states investors that have dominated the Perth market,” Mr Milne said.
“We sold this asset to a medical health professional as a part investment with significant upside, which might include an expansion of his practice in the future.”
Mr Burrows said high buyer interest across the campaign.
“We fielded in excess of 50 enquiries that resulted in 4 formal offers being presented,” Mr Burrows said.
Michael Milne
0403 466 603
michael.milne@raywhite.com
Lachlan Burrows
0499 552 296
lachlan.burrows@raywhite.com
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