THE Commonwealth Property Office Fund has settled on the sale of a non core property in West Perth.
The property at 16 Parliament Place was sold in late December last year for $14.5 million.
The property was originally acquired when under construction and as part of the acquisition of a portfolio of West Perth office properties in April 2002, including 53 Ord St, West Perth which was also sold by the fund in June 2009.
The total cost to develop the property in 2002 was $11.1 million and the sale price realises a solid total return for the fund since acquisition, delivering an unleveraged internal rate of return (IRR) of 12.7%.
Australian Property Journal
