St Georges Terrace Perth paved with bronze as office block sells, but for less than last time
They often jest that St Georges Terrace Perth is paved in gold. But Credit Suisse has paid $55.3 million for the 10 storey Stockland office building on Perth’s premium office strip for less that it last sold.
The sale of 45 St Georges Terrace through Savills WA was the second sale in the Perth office market this month.
But it last traded at $57.3 million in 2006. It was originally headquarters for the Reserver Bank of Australia which sold the block in 2001 for $18.75 million, according to RPData.
Stockland advised the sale of 45 St Georges Terrace was part of the group’s long-term strategy of selling down office and industrial assets to re-invest in residential, retirement and retail.There had been a recent $55.2 million valuation; although the Australian Financial Review noted it was valued at $73 million in pre-GFC 2007. It had a $48 million valuation in 2009.
Savills was the sales agent on the transaction and the buyer was represented by CBRE.
The 45 St Georges Terrace property, set on a site area of 1,827sq m, comes with a total net lettable area of 10,017sq m.
The property has a rental income of about $5,971,595 per annum with a significant upcoming lease expiry of over 60% of net lettable area in early 2014.
Earlier this month there was an $82 million sale of 66 St Georges Terrace by the listed Investa Office Fund by AMP.
