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The state\u2019s coffers will get a welcome stamp duty boost following the sale of the Supreme Court\u2019s former offices for close to the $25 million asking price.<\/p>\n
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.<\/p>\n
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\u2019s no fire sale though.<\/p>\n
Savills\u2019 Tom O\u2019Halloran, who negotiated the unconditional transaction with Tim Grant, Jamus Campbell and Nick Peden, said the building attracted 11 offers and 60 inspections.<\/p>\n
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 \u2013 the large high-density, moving shelves which store documents.<\/p>\n
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.<\/p>\n
Sources suggest the owner-occupier who has bought the building could be a student accommodation provider. Capital Gain hopes future students don\u2019t feel the weight of historical judgment while working on assessments.<\/p>\n
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.<\/p>\n
It\u2019s good to see some divergence from the early \u201990s political and economic parallels. The state has actually banked cash from its recent property disposals.<\/p>\n
Boutique property investor Terraplex is offloading a Kew office building it bought in 2019 for $19 million.<\/p>\n
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.<\/p>\n
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.<\/p>\n
LAWD agents Lukas Byrns and Henry Burbury have the listing and are quoting more than $25 million for the site.<\/p>\n
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\u2019s supermarket site.<\/p>\n