Ex-Sunday Times building now home to WA government for sale

The expansive two-storey office space on the corner of James Street offers development potential in an up-and-coming precinct earmarked for revitalisation.

To be sold as a freehold interest, the asset is being marketed by Frank Knight in partnership with Cygnet West via an expressions of interest campaign.

Tony Delich of Knight Frank said the striking site – sprawling across 6657 square metres – was “a land-rich inner-city investment with untapped potential”.

“The property has a secure return underpinned by a solid tenant, with the Public Transport Authority responsible for developing and operating ongoing major public transport projects across the state,” he said. “However, it also has the upside of multiple future development opportunities.”

“It is a significant 6000-square-metre-plus city-fringe landholding with three street frontages, offering the potential for a future development exceeding 34,000 square metres, unrestricted by height limits as the Perth City Centre zoning allows for flexible built-form outcomes.”

Australian real estate investment and funds management company Elanor Funds Management is letting go of the property, which is leased by the department until December.

The office building features a concierge desk, gym, secure gardens, and strong ESG credentials, boasting a 4.5-star NABERS energy and water rating. 

In 2009, the western section of the building was demolished and replaced with a purpose-built office, while the rest of the building underwent refurbishment.

It is centrally located near public transport, including Perth Station and Perth Busport, and amenities, such as the Northbridge entertainment precinct.

Wayne Lawrence of Cygnet West said the precinct was “reshaping” Perth’s CBD.

“The precinct is shifting focus from Adelaide Terrace to become the hub for key government departments, the upcoming Edith Cowan University campus, and a range of associated developments,” he said.

“Recent sales of major sites for student accommodation, new hotels, and build-to-rent community housing near Stirling Street further highlight this area’s growth potential.”

The asset’s average net rental income is $ 436 per square metre, amassing $2.8 million a year.

The Sunday Times, published by Seven West Media since 2016, is a tabloid Sunday newspaper sold throughout Western Australia.

The Sunday Times and PerthNow were located at Stirling Street until News Corp Australia sold the property to Elanor Investors Group in March 2019.

In late 2024, Elanor Investors Group encountered financial challenges stemming from rapid expansion and high debt levels.

The company was suspended from trading on the Australian Securities Exchange in August 2024 and subsequently sold off properties to assist in its recovery.