The latest edition of Perth Cityscope shows property sale values have increased in the past three months. Sales recorded in the quarter to December 2019 totalled $124.1 million, an increase from the September 2019 quarter which totalled $54.2 million. One of these sales was Quayside On Mill, an 11,486 sqm, 13-storey office building at 2 Mill Street in the centre of the Perth CBD. The sale was negotiated by CBRE agents Aaron Desange, Flint Davidson, Kate Foley and Marc Giuffrida, together with Knight Frank agents Todd Schaffer, Graeme Russell, Paul Roberts and Neil Brookes.
Quayside On Mill was sold for $79.05 million after an expressions of interest campaign that closed 18th September, 2019. The buyer was The EG Australian Core Enhanced Fund (ACE), an open-ended, diversified fund targeting office, retail and industrial properties in Australia. The fund is managed by real estate and fund manager, EG Funds Management Pty Ltd. With a building area of 11,486 sqm, the building’s major tenants include Tourism WA, Chamber of Minerals & Energy, ATCO Australia and Bupa.
After a chequered beginning, including its developer going into receivership just prior to completion in 1990, the building initially traded at $16,050,000 in November 1993 while still 73% vacant. Just four years later the building was sold fully let for $35,600,000 to SunSuper Pty Ltd, where it remained for twenty-two years.