A versatile four-storey East Perth commercial building has hit the market providing significant opportunity for a range of buyers.
The Gateway Commercial building, located at 148A Adelaide Terrace and extends through to Hay Street, comprises a 3,400sqm building area across four spacious levels, plus 110 car parks across five levels.
Previously serving as the Bankwest Technical Centre, the building makes up 32 strata-titled offices although maintaining ‘open floor plan’ layouts taking advantage of full natural light.
The property is being marketed by Ray White Commercial WA agents Michael Milne and Stephen Harrison, in conjunction with Square Metre Property agent Cooper Egan, on behalf of the entire strata ownership of 32 lots.
Mr Milne said the building could facilitate a range of uses including office, medical, hotel, and education and training.
“The property presents an affordable option in the CBD precinct for occupiers and a ‘value buy’ for astute investors,” he said.
“Alternatively, with the significant parking provided, developers can explore repositioning upgrades, expansion, or a host of conversion outcomes.”
Mr Harrison said the property fills a void caused by a lack of new construction.
“The significant building structure and favourable planning framework enables this building to be repurposed for much needed residential accommodation forms including short stay, long stay, workers and student housing in a central high amenity location.”
Mr Egan said it was an opportune time for a single ownership entity to provide a new direction for the building.
“The existing strata ownership collective enjoyed strong returns in the past,” he said.
“This property now presents as an exciting project for a buyer to implement a new vision.”