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The tower, briefly Perth’s tallest building, sits on a prime CBD corner site bought by AMP in 1910.
No one associated with the pending transaction was prepared to comment, but sources said the building – developed by AMP and opened in 1975 – will be sold on a passing yield of 6.5 per cent to 6.75 per cent.
It is thought that capital generated from the sale will be recycled into AMP’s Quay Quarter Tower development in Sydney and potentially used for investor payments.
The building has performed relatively well in the soft Perth CBD office market and is 93 per cent leased with a low weighted average lease expiry of 2.8 years.
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Office landlords defy market conditions with new lease deals
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Leading office landlords are defying the pandemic-hit market with a swathe of new lease deals in the premium-grade echelon, albeit with higher incentive packages to entice tenants to get workers to return to the city-based properties.
AMP Capital, Dexus and Investa have all inked new deals in the past few months, with directors saying demand for premium-grade towers is buoyant.
AMP Capital s Quay Quarter Tower at Sydney s Circular Quay.
Leasing agents have said incentives in rent contracts stand at an average of 22-30 per cent across city-based assets.
Office rents near the bottom
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Prime CBD office rents fell more than 10 per cent in Sydney and Melbourne in 2020 as vacancy rates surged during the pandemic, according to real estate agents Cushman & Wakefield.
While base rents – also known as face rents – rose modestly in both markets, a spike in incentives offered to new or renewing tenants meant that effective rents fell sharply in both markets over the calendar year.
In the Sydney CBD, gross effective rents fell 11.3 per cent in 2020 to $925 per square metre (from $1045 per sq m) after incentives increased to 32 per cent from 21 per cent prior to the pandemic.