Scope Property Group adds Fremantle to its syndicate

Nicola TrotmanDecember 7, 2020

Scope Property Group has entered its investors into the Fremantle commercial property market with the purchase of Craig Mostyn House for $6.5 million.

Located at 6 Short Street, the property features dual street frontages and will undergo a $1 million cosmetic uplift and refurbishment.

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“We are very selective about the properties we purchase,” says Scope Property Group director Robert Englehard.

“We only syndicate properties where we can substantially de-risk the asset whilst also providing our investors with strong income returns coupled with future capital grow, and we believe that Short Street exhibits both of these.

“The anchor tenant Craig Mostyn & Co Pty Ltd secures income for our investors for the next eight years and we remain confident that the remaining vacant space will be taken up by the market in coming months that will further enhance this income.

“In this instance, we are going to spend around $1 million dollars on cosmetic refurbishment to enhance the appeal of the building and attract new tenants,” says Englehard.

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Englehard says Scope’s investor base continues to grow, with the syndicate being substantially oversubscribed in just two and a half days.

The Craig Mostyn House has a combined land holding of 2,308 square metres across four titles.

ntrotman@propertyobserver.com.au

Nicola Trotman

With a penchant for the written word, Nicola has built a career doing just this – now Creative Director at thriving Melbourne-based PR agency, Greenpoint Media.

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