Rapid strata sale signals resurgence in East Perth office market

Unit 6/165 Adelaide Terrace was sold for $2.35 million to IBN Group, who plan to establish a new head office in Perth as part of the ongoing expansion of their property portfolio.

The sale was negotiated by Knight Frank agents Cory Dell’Olio and Zach Schreier.

The 610sq m strata office, which also included 29sq m of basement storage and 11 secure undercover car bays, attracted significant buyer interest during the short campaign.

Mr Schreier said the high-quality fitout and prominent location drove strong early enquiry, resulting in a swift transaction.

“We secured a cash offer within a week of launching the campaign, which is an exceptional result for East Perth," he said.

"Demand for well-presented office space is clearly strengthening, particularly for fitted offices that allow buyers to bypass the still-inflated fitout costs that remain a major factor in the decision-making process of buyers."

IBN Group, an Aboriginal charitable trust with an established property portfolio, have recently expanded their real estate holdings, with the acquisition of the Tom Price Coles shopping centre for $8 million in 2024.

"The acquisition of Unit 6 further supports IBN Group’s strategic plan to grow their property portfolio, with this office set to serve as their Perth base of operations and serve their members located in Perth," Mr Schreier said.

Mr Dell’Olio said the property ticked all the right boxes for astute buyers, with its high-quality, flexible fitout, attractive car bay ratio, exclusive signage rights, and abundant natural light.

“Strata offices like this, with a modern fitout ready to occupy, are in short supply," he said.

"Given the current economic environment, buyers are particularly drawn to properties that allow them to avoid the time and cost pressures associated with undertaking a new fitout."

With high exposure on the corner of Adelaide Terrace and Bennett Street, and excellent access to nearby amenities and free public transport, the property’s location further strengthened its appeal to buyers, according to Mr Dell’Olio.

For more details contact Cory Dell’Olio or Zach Schreier.