Sterling Property has settled the final strata office at 28 Station Street, Cottesloe, completing the full sell-out of all 11 suites across the three-storey development and bringing total sales to over $10 million at an average of $10,000 per sqm.
Lot 11, a 147 sqm ground-floor suite, transacted at $1,001,300 (Going Concern), securing a family office buyer seeking a permanent presence in one of Perth’s most tightly held commercial precincts. The result caps a campaign that saw all 11 architecturally designed suites, ranging from 61 sqm to 147 sqm, sold to private investors, professional services firms, and family offices drawn to the building’s location, design quality, and precinct credentials.
Completed in 2023, 28 Station Street was the first new commercial office development in Cottesloe in more than 25 years. The building sits on the high-profile corner of Stirling Highway and Station Street, 150 metres from Napoleon Street’s retail and hospitality strip, with Cottesloe Train Station a short walk away.
Sterling Property Managing Director Brian Neo said the sell-out reflected sustained demand for premium strata offices in lifestyle-rich western suburbs locations where supply remains essentially zero
“Cottesloe has no new commercial supply in the pipeline. Every suite at 28 Station Street was tightly contested and the majority ended up in the hands of family offices — buyers who are making long-term decisions about where they want to operate and who they want to be near,” Mr Neo said.
Mr Neo said recent transactions in the immediate precinct pointed to a significant shift in how the market was valuing Cottesloe’s commercial land.
“What we are seeing around Station Street right now is some of the most deliberate and strategic land assembly Perth’s western suburbs have witnessed in years.
Sites are transacting at land rates well above $12,000 per sqm as sophisticated capital positions ahead of a precinct transformation that is now approved and moving to delivery.
The buyers at 28 Station Street got in early. That looks very smart from where we stand today,” Mr Neo said.
The precinct activity is anchored by the Sirona Urban Station Street Cottesloe project, a mixed-use development incorporating 125 apartments, a 128-room luxury hotel, and an activated hospitality precinct, which received planning approval in June 2025 and is now progressing to delivery.
“Two recent off-market transactions tell you everything about where confidence sits in this precinct,” Mr Neo said.
A 417 sqm site on Station Street transacted at $31,175 per sqm and a 405 sqm site on Napoleon Street settled at $12,962 per sqm, both secured quietly by the same buyer to strategically consolidate their landholding ahead of development.
These are not speculative plays. This is serious capital making deliberate moves, and it is driving land values in Cottesloe to levels that would have been difficult to justify even two years ago.”
Sterling Property acted as exclusive selling agent across all 11 suites at 28 Station Street, with the development now fully sold and settled.
To discuss Cottesloe’s and broader Perth Suburban commercial market, contact Brian Neo on 0411 868 486.
