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The state’s coffers will get a welcome stamp duty boost following the sale of the Supreme Court’s former offices for close to the $25 million asking price.
The building in question is a nine-level art deco pile at 436-450 Lonsdale Street, not the grander Supreme Court across the road, with its feature domed roof, on the corner of William Street.
The building is on a large 1490-square-metre site between Queen and William streets and has been empty since 2021 after expensive fire safety updates were identified. It’s no fire sale though.
Savills’ Tom O’Halloran, who negotiated the unconditional transaction with Tim Grant, Jamus Campbell and Nick Peden, said the building attracted 11 offers and 60 inspections.
There will be plenty of work to do on the site. Some of those who got an inspection report floors of empty courtrooms and compactus – the large high-density, moving shelves which store documents.
Four of the top six bids came from owner-occupiers or part owner-occupiers, which shows that buyer group is prepared to pay a premium for the right building. Some CBD buildings have recently sold for less than half their more recent transaction prices.
Sources suggest the owner-occupier who has bought the building could be a student accommodation provider. Capital Gain hopes future students don’t feel the weight of historical judgment while working on assessments.
The building was last for sale in 1992, during the recession, when the soon-to-end Kirner government put a $90 million portfolio of nine properties to the market. Not a single building sold.
It’s good to see some divergence from the early ’90s political and economic parallels. The state has actually banked cash from its recent property disposals.
Boutique property investor Terraplex is offloading a Kew office building it bought in 2019 for $19 million.
The two-storey office on 3756 square metres at 79-83 High Street is being pitched as a future development site, which seems sensible given the near-collapse in the suburban office market.
The building comes with a 10-level proposal drawn up by Cera Stribley for 183 apartments. The 3361-square-metre office, once occupied by builder Qanstruct, is just over half-full with all leases bound by redevelopment clauses.
LAWD agents Lukas Byrns and Henry Burbury have the listing and are quoting more than $25 million for the site.
Down the road, in the heart of Kew Junction, the James Packer-backed Orchard Piper joint venture has proposed a four-tower project for the sadly vacant Leo’s supermarket site.