A freehold office/warehouse building in East Perth has sold for $1.85 million. 

Located at 33 Kensington Street, the 682sqm property comprises 565sqm of building space and seven car parks, including 314sqm of office space and 255sqm of warehouse space. 

The property was marketed by RWC WA agents Stephen Harrison and Luke Pavlos on behalf of a private local investor. The property was sold to another private local investor. 

Mr Harrison said the property attracted interest from both owner-occupiers and investors. 

“The scarcity of fringe CBD office/warehouse properties adds to its appeal,” he said. 

“With the industry market being white hot, buyers are increasingly looking at areas outside traditional industrial zones due to limited stock. 

“Fringe CBD stock, while older, provides excellent value, especially for owner occupiers who prioritise future capital growth from the underlying land value and development potential over immediate investment returns.” 

Mr Pavlos said the market for similar assets was increasingly strong. 

“Demand from private high-net-worth individuals for permitted storage properties in the city fringe area is high,” he said. 

“These assets are becoming increasingly scarce due to restricted uses imposed by the local authority and limited availability in residential zones. 

“Consequently, when an asset like this comes to market, it garners significant attention, evidenced by 130 enquiries and multiple inspections, often resulting in quick acquisitions by owner-occupiers. 

“The recent sale reflects a rate of $2,713/m², and the property has a plot ratio of 2:1 under the current zoning.”

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