Mirrabooka Centrelink sells for $8.9m off market

The Mirrabooka office is configured with several suites, some which are renovated.

A north Perth office predominantly leased to Centrelink has traded for $8.9 million.

Colliers International’s Wayne Lawrence and Tory Packer sold 24 Chesterfield Road, Mirrabooka, off-market.

Across a floor, the 3696 square metre building is eight per cent vacant.

The government is on a six year rental agreement for its portion while the weighted average lease expiry is 4.4 years.

Abutting a public car park, the office, between Alexander and Morley drives, Reid Highway and Wanneroo Road forms part of the suburb’s medical/commercial precinct.

Mirrabooka is about 12 kilometres from the city.

Last month a Chinese investor paid E-Shang Redwood Group (ESR Cayman Limited) $52.5 million, reflecting a 6.59 per cent yield, for a Centrelink leased office at 211 Northumberland Road, Liverpool, about 27 kilometres south west of Sydney’s CBD.

Also, an investment in Victoria’s regional Hamilton rented to both the Morrison government (for a Centrelink), and the Andrews administration, sold for $6.75 million, reflecting an 8.8 per cent return.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.