West Perth opportunity blends income with HQ potential

A rare, architecturally designed commercial asset in the heart of West Perth has been brought to market, offering investors and owner-occupiers a compelling blend of immediate income, flexibility and long-term upside in one of Perth’s most tightly held precincts.

Located at 25 Prowse Street, West Perth, the four-level freestanding building is being offered via Expressions of Interest with a price guide of $4.1 million to $4.4 million. Positioned on a prominent 608sqm corner landholding with three street frontages, the property represents a standout “trophy” opportunity in a market where assets of this calibre rarely become available.

Constructed in 2015 to an institutional standard, the property comprises 858sqm of net lettable area, complemented by 12 secure car bays and end-of-trip facilities. A key highlight is the expansive 247sqm rooftop terrace, offering sweeping views and significant potential for activation or tenant amenity.

The asset is currently part-leased to two established tenants, NAI Harcourts Metro and Macro Metals, providing immediate holding income while leaving one full floor vacant, creating a clear value-add opportunity for lease-up or owner occupation.

Craig Butler of VPG Property, who is marketing the property alongside,Brett Wilkins of RWC WA  said the campaign is expected to attract strong interest from a broad range of buyer groups.

“Opportunities like 25 Prowse Street are incredibly tightly held in West Perth, particularly when you’re talking about a near-new, architecturally designed building with this level of exposure and flexibility,” Mr Wilkins said. “The combination of immediate income, a vacant floor, and the ability to reposition or occupy makes this a highly strategic acquisition for a wide range of buyers.”

Mr Butler added that the building’s positioning and physical attributes set it apart in the current market.

“With three street frontages and exposure to more than 57,000 vehicles ежедневно along Thomas Street, the signage and branding potential here is exceptional,” he said.

“Importantly, the asset is also trading well below replacement cost, which is continuing to underpin strong investor interest across Perth’s commercial market.”

Brett Wilkins said the property’s flexible income profile and short weighted average lease expiry (WALE) further enhance its appeal in the current cycle.

“The blended short WALE of one to two years is actually a major advantage in today’s market – it gives incoming purchasers the ability to immediately add value, either through leasing up the vacant space or repositioning the asset to suit their own requirements,” Mr Butler  said.

“We’re expecting strong interest from owner-occupiers, particularly professional services firms, mining and resources groups, and medical operators looking to establish a headquarters-style presence in West Perth.”

He added that private investors and family offices would also be drawn to the asset’s income profile and upside potential.

“There’s a clear pathway to increasing net income to over $300,000 per annum through lease-up, while the rooftop terrace presents a unique opportunity for future activation, subject to approvals,” Mr Butler  said.

Held by a long-term private owner since its completion, the property is being offered to the market for the first time in over a decade, marking a rare chance to secure a high-quality commercial holding in a tightly constrained precinct.

West Perth continues to experience renewed momentum, underpinned by infrastructure investment, the redevelopment of the Subiaco Oval precinct, and an influx of new hotel developments including Holiday Inn, TRIBE, Quest and The Sebel.

Against this backdrop, quality commercial stock remains in short supply, with the pricing gap to replacement cost continuing to drive investor confidence and competition for well-located assets.

“With its scale, flexibility, and genuine point of difference, 25 Prowse Street represents one of the most compelling commercial opportunities currently available in West Perth,” Mr Wilkins said.