Public Transport Authority buys office from landlord
The Public Transport Authority of Western Australia has bought a Perth CBD office from the landlord.
The former Sunday Times building at 34-50 Stirling Street cost $27.5 million ex-GST.
Elanor Funds Management was the seller – paying $24m in 2018.
With 6448 square metres over two floors – more than 10 per cent being storage – and 25 basement car parks, it was developed in the 1960s and renovated in 2009, when a west wing was rebuilt.
Also with a gym and secure garden, it occupies 6085 sqm also exposed to James and Pier streets.
The Public Transport Authority of Western Australia has occupied since 2020.
It was paying annual rent of $2.8m – or $436 per sqm – on a lease to expire December.
Cygnet West’s Tory Packer and Wayne Lawrence with Knight Frank’s Tony Delich and Jonathan Vaughan were the agents.
Development upside
Zoned Perth City Centre, the site was promoted for its potential to accommodate a 34,000 sqm-plus tower.
A development outcome could include residential, the agents said.
Alternatively, they added, the asset could be retained as an investment – with 3999 sqm on the ground floor and 2658 sqm on the first.
It is unknown when the incoming owner will redevelop; its current headquarters is at 116 West Parade, East Perth, about 1.5 kilometres away.
“This precinct is reshaping Perth’s CBD, shifting focus from Adelaide Terrace to become the hub for key government departments, the upcoming Edith Cowan University campus and a range of other developments including in the Kings Square precinct and Yagan Square,” the agents said upon listing.
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