A property incorporating two strata titles at 79 Hector Street West at Osborne Park, WA has been sold off-market for $3.7 million in a deal brokered by Alex Gismondi from Transact Capital.
A high-net-worth individual has snapped up a sizeable commercial investment in the tightly-held Perth suburb of Osborne Park for $3.7 million.
Comprising a total building area of 1,380 square metres, 79 Hector Street West spans two titles, one of which was vacant at the time of the transaction.
The other is occupied by national electrical group MM Electrical which recently inked a new long-term lease deal for the 640 square metre space, which represents 46 per cent of the site.
At a glance:
“Properties very rarely transact in the prime Osborne Park corridor,” he said.
“I see a lot of the land in that corridor transforming into mixed-use, office, or high-density residential properties in the next 10-15 years.
“In the interim, however, there are a lot of retail and light industry users that are holding on to the precinct for as long as they can.”
Earlier this year, Mr Gismondi sold a nearby property at 21 King Edward Road to a high-net-worth family for $11,750,000 which reflected a yield of 6.84 per cent.