Southern Cross Care buys inner-city office
EXCLUSIVE
Southern Cross Care (WA) has bought a high-profile city-fringe office with a part-vacancy.
The not-for-profit paid $10.45 million for 2 Brook Street, East Perth.
Completed in 2000, it contains 2676 square metres over two floors with 62 basement car parks.
The state government’s Minister for Works, through the Department of Education, is a tenant.
Clairs Keeley Lawyers, Globe Data analytics and accountant Tilenni Stiles & Associates are other occupiers.
The 1974 sqm block is on a roundabout connecting Plain St and East Parade, with The Impossible Triangle sculpture in the central garden.
It is also opposite Tea Tree Lagoon.
Southern Cross Care is presently headquartered at 15 Rowe Avenue, Rivervale, about 1.5 kilometres south-east of 2 Brook St.
On a bigger site but smaller – with 1991 sqm – and older, developed in 1986, that office cost the not-for-profit $2.64m in 2004.
The East Perth deal comes nearly 18 months since realestatesource.com.au reported an ex-Southern Cross Care office in Adelaide’s inner-city Parkside sold for $9.3m (continues below).
Roundabout site
The result for 2 Brook St reflects a passing yield of 5.2 per cent.
Assuming it were fully let and rented at the market rate, the return circles seven per cent.
The vendor was Luton Park Pty Ltd, whose directors include local doctors Hannes Gebauer and Kurt Gebauer.
Knight Frank’s Tony Delich with Metway Real Estate’s Eric Rogers were the agents.
The deal comes seven months since Southern Cross Care WA banked $9.13m for a 4755 sqm Jolimont site permit-ready for a six-level project containing 75 independent living units and a 44-bed aged care facility.
It paid $8.9m in 2018.
The new owner, Salvado, is planning residential apartments.
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