Primewest capitalises on investor demand with West Perth office sale

Primewest capitalises on investor demand with West Perth office sale
Primewest capitalises on investor demand with West Perth office sale

National fund manager Primewest has capitalised on strong investor appetite for A-grade commercial property with the sale of one of its flagship Western Australian assets, 53 Ord Street in west Perth for $59 million.

CBRE’s Peter Agostino and Andrew Woodley-Page negotiated the sale of the A-grade asset on behalf of Primewest to Singaporean real estate fund manager, Mapletree.

The property was part of a portfolio listed for sale by Primewest earlier this year, with other assets including a 50% interest in a St Leonards office tower in Sydney and five additional office assets in New South Wales, Victoria and Queensland.

Listed for sale via expressions of interest, the west Perth landmark building comprises 6,864sqm of commercial space over six levels, offering high quality office accommodation with versatile floor plates of approximately 1,400sqm. The property also offers excess land for further development in the future.

CBRE sold the property to Primewest in June 2009 for $41.5 million and have retained management of it since.

Primewest’s John Bond said the sale of the portfolio had tapped into the strong interest from local and international institutions, as well as large scale individual investors seeking high value, quality Australian assets.

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Retail Property Commercial Investment

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