One of Perth CBD’s prime office deals is due to be finalised this week, just scraping in deadline before the start the holiday season.
Australian Property Journal believes that the property at 45 St Georges Terrace is due to be settled tomorrow following a two months due diligence.
The property is owned by a syndicate of local investors through Ashpark Nominees, who bought the property from the Reserve Bank for $19 million in 2001.
While there is no word on whom the buyer is, the sale concludes a five months campaign to sell the property.
In July this year, SAITeysMcMahon was tipped as the likely buyer for the property at around $40 million, however, the deal did not proceed. It was reported that the Melbourne based fund manager was looking to complement its $47.5 million purchase of Wesfarmers House in March last year.
Meanwhile, 45 St Georges Terrace is tipped to fetch between $60-$65 million, which would be inline with market expectations in Perth.
SAITeysMcMahon’s Wesfarmers House at 40 The Esplanade in the CBD is currently under revaluation and is expected to be valued at $69 million.
45 St Georges Terrace is a nine level, A-grade office building and has a lettable area of 9,876 sqm on a site area of 1,827 sqm, as well 28 car park spaces.
The property is anchored WorleyParsons, which occupies 60% of the space and boasts an annual income of $3.4 million per annum.
Selling agents Paul Craig of Savills was unable comment yesterday but in October told Australian Property Journal that he and co-marketing agent Miles Rowe have fielded very strong interest in the property.
At the time, Craig said the interest has been diverse from all sectors of the marketplace including private investors, funds and LPTs. He added that local, national and international investors have also shown interest in the asset.
“45 St Georges Terrace is a rare offering and it is an opportunity for the buyer to get into the Perth CBD market.
“The property is very well specified and is up to standards to a new building. So you have a limited cap on expenditure and a huge potential for growth,” Craig said.
Meanwhile, Valad Property Group’s sale of the 50% stake in the BankWest Tower at 108 St Georges Terrace is still in negotiations.
By Adam Parsons and Nelson Yap
