Furqan Islamic Association of Western Australia Inc seal lease

The Furqan Islamic Association of Western Australia Inc has snapped up a two-year lease with an option to buy in Perth’s suburb of Belmont at 91 Robinson Avenue.

The asset, that came with a 3,865sq m* parcel of land and 1,100sq m* of office/warehouse on the site, was leased for a fair market rate and came with an option to buy.

The property was successfully marketed and leased by Ray White Commercial (WA) Director Chris Matthews.

Mr Matthews said in a slower market, he was able to achieve a result because the property was under-developed and had a large amount of on-site parking.

“This enabled us to look into alternate uses such as a place of worship. Traditionally, most places of worship don’t get approved by council, mainly due to the lack of compliance with on-site parking,” he said.

“We listed the property back in January 2018 and were in discussions with the buyer for 17 months before the contract went unconditional.

“It was a good challenge with quite a number of boxes to tick and it was also something different. The final outcome was positive with a lot of upside for both the tenant and the owner.

“To secure the option to buy, the tenant was able to provide terms to show their upfront commitment and high likelihood of exercising their option to purchase the property within the next 12 to 24 months.”

*Approximately.