MURRAY ST, WEST PERTH_
In January 2014, ADC negotiated the acquisition of a modern office building located at 668 Murray Street, West Perth, approximately 1.6km from the Perth GPO, within the established business district of West Perth. Improvements on the site comprise a four level office building that underwent a major refurbishment in 2012 including replacement of the roof structure, all major services and upgrading internal fitout to an A-Grade standard. The total net lettable area of the building is over 1,200 m² and there are 11 car bays on the property.
During the due diligence period of the purchase ADC successfully negotiated for the vendor of the property to enter a long term leaseback arrangement, underpinning the purchase of the asset and providing long term security of tenure. The property also stands to benefit from recent planning changes within the locality that allow the opportunity to add another 660 m² of commercial floor space to the improvements.