Western Australian property developer Saville Australia in conjunction with Babcock & Brown have bought Westpoint’s prominent Emu Brewery development site in Perth for $48.8 million.
The Emu Brewery site was purchased by Westpoint in December 2003 for $25 million and was one of the chain of properties owned by the collapsed investment group Westpoint.
KordaMethan’s head of real estate Berrick Wilson said he was extremely pleased with the result.
The sale followed a tender process launched in March this year after KordaMentha were appointed receivers and managers of Westpoint Corporation Pty Ltd in January.
“Many of the major players in the property sector were desperately keen to purchase the site which is testament to the strength of the location and the sale process. It is an exceptional outcome,” Wilson said.
The Emu Brewery site covers about 1.8 hectares on the corner of Mounts Bay Road and Spring Street at the western end of the Perth Central Business District.
Westpoint had proposed building more than 1,000 apartments as part of development plans prepared by the renowned late architect, Harry Seidler.
“An outstanding location, sweeping views and proximity to the CBD will make this an extraordinary development,” Saville Australia’s managing director Sam Cheir.
Meanwhile, KordaMentha has announced expressions of interest for the Warnbro Fair Shopping Centre option will commence by public sale campaign on July 18, 2006.
By Adam Parsons
