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It’s the second time this Western Australian suburban office building has achieved full occupancy since construction was completed back in 2019.
Colliers has lauded the leasing of the entirety of Level 3, 302 Selby Street Osborne Park, thanks to a deal negotiated by Colliers national director of office leasing, Jemma Hutchinson, and office leasing executive, Tessa Scholten.
According to a statement from the commercial real estate giant, the office space, which holds a five-star NABERS energy rating, has been leased to a top 20 ASX-listed company.
Since the building’s inception, Colliers said 302 Selby Street had “consistently outperformed its competitors” – and it’s the second time during its leasing cycle that full occupancy has been achieved.
According to Hutchinson, “its success is a testament to its quality and strategic location”.
She noted that the lease followed “minimal downtime” and is now commanding rents of $396 per square metre.
The director explained that close collaboration with proactive landlords and their representatives was “strategically pivotal” to the success of the leasing campaign.
And it’s not the only office building in the area commanding strong results.
Prior to the development of 302 Selby Street, Colliers’ client developed 1 Walters Drive – an office building completed one year earlier, in 2018.
The 5,718.3-square-metre office block has consistently maintained full occupancy for more than a year-and-a-half, with notable tenants including JB Hi-FI and Water Corporation.
From Scholten’s perspective, the achievement of both 302 Selby Street and 1 Walters Drive showcases how suburban office markets can be transformed by well-considered developments.
She added that the “flight to quality” underscores a broadening demand for high-quality, well-located office space within suburban markets.
Landlord representative Joel Lithgo is also encouraged and enthusiastic about the latest leasing result, commenting “the development of 1 Walters and 302 Selby Street has created a sought-after commercial precinct”.
“We warmly welcome our new corporate tenants’ expansion, positioning them at the heart of this thriving area,” he said.
As it stands, he said that the performance of both assets had exceeded client expectations, “representing impressive asset performance”.
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