ADC adds another suburban Perth office to portfolio

The West Perth office just sold for $13.1 million.

Australian Development Capital has picked up another inner Perth office investment – this time in the west.

The refurbished three level building at 10 Richardson Street, West Perth, is costing the developer and investor $13.1 million.

About two thirds of the 2345 square metres of lettable area is vacant.

A basement contains about 20 bays.

The site spreads 1695 sqm (story continues below).

“The sale of 10 Richardson St demonstrates the appetite for high quality assets in the CBD fringe office markets,” LJ Hooker Commercial agent Brian Neo said.

“During the due diligence phase we…managed to secure a substantial new lessee with terms agreed, de-risking the investment substantially,” he added.

The purchase comes nine months since Cottesloe based ADC paid Lester Group $22m for an office and car park across two sites, at Belmont, seven kilometres east of town.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of