Perth, WA

A boutique A-grade office building with a long-term lease to one of the world’s biggest resources groups is being brought to market through Colliers International.

The building at 179 St Georges Terrace, in the city’s popular west end, is fully leased to Rio Tinto and Elders. As anchor tenant, Rio Tinto takes up 67 per cent of the building’s 4,377sq m of floor space, which is leased to the mining giant through to October 2017.

Elders occupies about 29 per cent of the nine-level building.

Colliers International Director of Investment Sales Ian Mickle said the security of returns on the building, together with its location, made it an outstanding offering.

“Very few assets come to market with such a strong lease expiry profile,” he said.

“Almost all of the building is leased to major groups Rio Tinto and Elders, so this is truly a blue chip offering.

“The cream on that aspect is that the anchor tenant is a multinational mining corporation, with strong ties to WA, in a building that sits in what has become Perth’s mining and resources precinct at the western end of the city.”

Further adding to the building’s appeal was the fact that 100 per cent of its net lettable area was subject to market reviews this year.

“The asset will show a very strong yield by November 2008,” said Mr Mickle.

Its location on the corner of St Georges Terrace and Mercantile Lane also effectively gives 179 St Georges Terrace dual frontage, with good natural light – something seen as a plus in the push to ensure maximum energy efficiency in commercial buildings.

The building, which has floor plates of around 500sq m, has 19 car bays.

179 St Georges Terrace is For Sale by Offers to Purchase.

About Colliers International

Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 10,092 employees span the world in 267 offices in 57 countries. On a worldwide basis, Colliers manages 672,945,918 square feet, and has revenue of $US 1,620,958,349.

Contact Information

Ian Mickle
Director, Investment Sales
Tel: +61 8 9261 6666
Fax: +61 8 9261 6688
Mob: +61 434 659 800
E: ian.mickle@colliers.com 

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