Unique three-story office situated in Perth's northern fringe of the CBD.
High parking ratio of 1 bay per 35sqm of net lettable area (NLA).
Exceptional 412sqm of NLA on 411sqm of land.
Future development optionality given flexible mixed-use R80 zoning.
It was contracted for $1,200,000 subject to a new 5 year lease at $96,780. During due diligence some universal access issues were uncovered for which PCBA negotiated a $75,000 price reduction to $1,125,000.
Attractive passing yield of 8.6% yield.
With an initial loan of 70% the free cash flow was ~ $50k for an immediate 11.75% return on cash invested.
