Perth commercial building sells off-market to Malaysian investor for $12.35m

A Malaysian investor is buying a double-storey, mixed-use asset with redevelopment potential in Perth’s ritzy south-west.

Following an off-market deal, 22 St Quentin Avenue, Claremont (pictured, top), which is fully leased, is trading for $12.35 million, a yield of 4.6 per cent.

Opposite major shopping centre, Claremont Quarter, the St Quentin Avenue holding covers 1952 square metres with a building offering 1076 sqm of lettable area configured as eight ground floor shops and 10 upstairs tenancies.

Colliers International’s Ben Tana said the diversified tenant profile was a reason the property received “strong interest”.

“This building is positioned in the heart of Claremont with more than 30 metres of frontage to Claremont Quarter Square.

“It also has frontage to Stirling Highway and Church Lane, and its 2.0:1.0 base plot ratio provides the opportunity to capitalise on the high underlying land value with a future redevelopment.”

In July, a Chinese buyer paid $19 million for Kelmscott Plaza, in Perth’s south-east, a 17,422 sqm arcade on a 5077 sqm plot. This shopping centre last sold in 2013 for $15 million.

Claremont is between the Swan River and Indian Ocean, an area which accommodates some of Perth’s most expensive residential real estate.

Last week, Western Australian businessman, former Moran Health Care executive, John Gillett, paid a reported $17 million for a 6582 sqm house block in Peppermint Grove, a suburb immediately south of Claremont. This property, until 2016 identified as a distinctive part-built mansion dubbed around the world as Taj on Swan, sold at a loss to the $22.7 million the vendors paid in 2007.

Another property, in Mosman Park, which is one suburb south of Peppermint Grove, was for years until recently considered Australia’s most expensive residential home sale after trading to mining magnate Chris Ellison for $57.5 million in 2009.

The national record price for a home now stands with Sydney estate, Elaine, which was acquired for about $73 million last year by Atlassian co-founder, Scott Farquhar. This 6986 sqm holding on Shillings Beach in Double Bay was promoted for its potential to be subdivided but will instead be retained and restored by the billionaire businessman.

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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