 Asset Class: | Office |
 Price: | $ 925000 |
 Net Yield: | 7.14 % |
Net Yield - including solar strategy: | % |
 Property Market Status: | Off Market |
This exceptional 165sqm commercial property offers a rare investment opportunity in the heart of Northbridge’s vibrant entertainment hub. Featuring a brand-new, high-end fitout valued at several hundred thousand dollars — transferred to the new landlord for significant depreciation benefits — the property is one of only two commercial suites within the 65-unit building designed by renowned Baltinas Architects. With 0 vacancies in the building, prime William Street frontage ensuring high foot traffic and visibility, and multiple public transport options nearby, the location is further bolstered by the $1.7 billion Perth City Link Deal, reconnecting Perth CBD with Northbridge. Positioned near the Roe Street Enhancement and the upcoming ECU campus — expected to draw over 10,000 people to the area by 2025 — the property is secured by a new 3-year lease with a 3-year option to ASX-listed tenant Hartshead Resources. This is an incredibly rare chance to acquire a commercial asset with an ASX-listed tenant at a sub $1m price point.
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<b>Northbridge, Perth</b> is a vibrant, inner-city suburb just north of the Perth CBD, known for its cultural diversity, lively nightlife, and strong community feel. The area is a hub for dining, entertainment, and the arts, with a mix of trendy cafes, bars, and international restaurants reflecting its multicultural character.<br><br>The suburb is home to key landmarks like the <b>State Theatre Centre of Western Australia</b>, the <b>Art Gallery of Western Australia</b>, and the <b>Perth Cultural Centre</b>, making it a focal point for creative expression and events. Northbridge’s nightlife scene is renowned, drawing both locals and tourists to its bustling pubs, rooftop bars, and late-night eateries.<br><br>In terms of population, Northbridge has experienced steady growth due to ongoing urban development and its appeal to young professionals and students. The area’s strategic location, within walking distance of the CBD and public transport links, has boosted residential demand, with modern apartments and mixed-use developments popping up in recent years.<br><br>From a commercial perspective, Northbridge benefits from strong foot traffic and a low retail vacancy rate, thanks to its status as a hospitality and cultural hotspot. Businesses thrive here, especially in hospitality, entertainment, and creative industries.<br><br>Overall, <b>Northbridge combines urban convenience with cultural flair</b>, offering both a dynamic lifestyle for residents and solid investment potential for commercial property owners.
Additional Location Information File<b>Hartshead Resources NL</b> is an Australian company that focuses on finding and developing natural gas resources. Their main project is in the <b>UK Southern Gas Basin</b>, an area in the North Sea known for its natural gas reserves.<br><br>The company was originally founded in <b>2011</b> and rebranded as Hartshead Resources in <b>2021</b> to reflect its shift towards energy development in Europe.<br><br>Their biggest project is a 40% ownership in <b>License P2607</b> — a section of the North Sea divided into five areas — which holds large amounts of natural gas. They are working with a partner, <b>RockRose Energy</b>, which owns the remaining 60%, to develop these gas fields step by step, aiming to supply energy to the UK.<br><br>Hartshead generated circa <b>AUD 4.68 million</b> in revenue for the year ending June 2024.
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Rental Comparison Subject Property: 64/89 Aberdeen Street Northbridge - 165sqm - $370/sqm 1/101 Francis St, Northbridge - 84sqm - $351/sqm GF, 31 Ventnor Avenue, West Perth - 335sqm - $443/sqm 3/159 Adelaide Tce, East Perth - 349sqm - $366/sqm 2.04/26 Charles Street in South Perth - 158sqm - $375/sqm 1 Adelaide Terrace East Perth - 675sqm - $375/sqm 180 Hay Street East Perth 182sqm - $425/sqm 10&11/375 Hay Street Subiaco - 122sqm - $374/sqm 8/420 Roberts Road Subiaco - 199sqm - $482/sqm Car bay Comparison Subject Property: 64/89 Aberdeen Street Northbridge - 1 Bay - $400/cbpm 189 Willaim Street - 1 Bay - $500/cbpm
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Asking Price: $1,200,000<br>Negotiated Price: $925,000<br>Net Yield: 7.14%<br>Leased to ASX listed company on a brand new lease after completing a full fitout showing commitment to the space.<br><br><span style="color:rgb(51, 51, 51);">Net lettable area - 165sqm</span><br><br>Brand-new, high-end fitout transferred to the new landlord — excellent for depreciation benefits.<br><br>Fitout valued at several hundred thousand dollars.<br><br>0 vacancies in the building — fully tenanted.<br><br>Only 2 commercial suites in the 65-unit building <span style="color:rgb(51, 51, 51);">designed by Baltinas Architects </span>— rare offering.<br><br><span style="color:rgb(51, 51, 51);">Located in a vibrant entertainment hub of Northbridge — surrounded by cafes, restaurants, retail, and cultural venues.</span><br><br>Prime location with high foot traffic and strong visibility.<br><br>A number of public transport options surround the property.<br><br>Positioned to benefit from the $1.7 billion Perth City Link Deal. <span style="color:rgb(51, 63, 72);">The deal aims to bring Perth CBD with Northbridge closer together.</span><br><br>Nearby Roe Street Enhancement and upcoming ECU campus — adding 10,000+ people to the area by 2025.<br><br>New 3 year lease with a 3 year option<br><br>Leased to ASX-listed tenant — Hartshead Resources.<br><br>Very rare to have an ASX listed tenant at a sub $1m price point.<br><br>To note: the vendor is a director at the ASX listed tenant
