Rpoint, a Western Australian private property group, has purchased the freehold to a fully leased building in the Perth suburb of Burswood for $3.8 million at 11 Kitchener Avenue.
The property, which came with a 1,438sq m* building size on a 1,334sq m* site area, was sold on behalf of Senses Australia, one of Western Australia’s leading disability services providers.
The asset was marketed and sold by Ray White Commercial (WA) Senior Property Advisor Brett Wilkins.
Mr Wilkins said it was an incredible opportunity for a buyer to acquire a fully leased refurbished office building with great future potential.
“The property comprises a modern two-level building within the established eastern suburb of Burswood, around 3km* east of the Perth Central Business District,” he said.
“Internally, the improvements are divided into three tenancies, each with a combination of open-plan and partitioned office accommodation. The tenancies include Senses Australia, and they produce an income of $325,757* per annum.
“It was owned and partly leased back by Senses Australia who are divesting as part of their corporate plan to establish a greater presence in the suburbs to service their clients better as part of their growth strategy.”
Mr Wilkins said the property was in the Town of Victoria Park ‘Local Planning Policy 22 Causeway Precinct – Area 5 – Elevated Mixed Use’.
“Development standards for this site include commercial and/or multi-level high-density residential development (R160), maximising its elevated location with the potential for city and river views,” he said.
“Special provisions in the Town Planning Scheme allows this site, if developed as part of a site greater than 3,000sq m, to be developed to 12 levels.
“The freestanding office building is central with easy access into the Perth CBD and main arterial roads including Albany Highway, Great Eastern Highway, Graham Farmer Freeway and near public transport, making it an extremely convenient location.”