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A ‘unique offering’ in West Perth is now fully leased less than one year after its acquisition, thanks to a collaborative strategy between all involved parties in the tenancy.
In March 2022, Australian Development Capital (ADC) acquired 8 Richardson Street, West Perth with the aim to create a one-of-a-kind commercial stock for the market.
Rod Hamersley, the commercial developer’s director, recalled that the acquisition was made with the knowledge that there was scarcity of top-tier assets in the area amid growing demand.
“When we purchased the asset, we understood the lack of quality options available in the location, and the growing tenant demand for high-quality stock in West Perth,” he stated.
Working with the Cushman & Wakefield’s Office Leasing Team, ADC said it had conjured a strategy to target ASX-listed resource firms.
In line with the strategy, the asset — which was constructed in 1989 — also saw a revamp, including a refurbished lobby, brand-new, end-of-trip facilities and fully renovated vacant floors.
The building has now been fully leased by Roly Egerton-Warburton and Harry Wise of Cushman & Wakefield after Mincor Resources and Auteco Minerals leased 790 square metres and 800 square metres respectively. This follows a 715-square-metre lease last year to WorkPac.
“This is a great example of executing a shared strategy with our client, resulting in a fully leased asset in a very short period of time from purchase,” Mr Egerton-Warburton stated.
Aside from renovating the property to fit the needs of “high-quality tenants”, and to be aligned with ADC’s goal of providing a “unique offering in the West Perth marketplace”, Mr Egerton-Warburton divulged other steps included in the leasing strategy.
“Tenants were secured before the fit-outs were delivered, so we were able to custom build the fit-outs for them, providing a bespoke design for the tenants and reduced letting up periods and risk for our client.”
Mr Wise highlighted that the asset’s appeal also comes from its work-conducive features and strategic location.
“[The asset] has the benefit of having large, side core floor plates, promoting excellent natural light and an efficient work area.
“A central location, new end-of-trip facilities, modern lifts and air conditioning all assisted greatly in securing the right tenants for this asset. We thoroughly enjoyed working with ADC on this project, and it is great to see it reach completion so quickly,” he stated.
Mr Hamersley also lauded the asset’s fully leased status in “such a short time frame”. “[We] really appreciate the team’s effort in implementing the successful leasing strategy.”
“The West Perth market continues to strengthen, with vacancies falling to around 13 per cent and a shortage of high-quality buildings. Net rents are moving up at an impressive rate and incentives are in decline. It is very encouraging, and a direct reflection on the strong performance of the resources sector,” he said.
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