Following the $125 million sale of 202 Pier Street last month, Perth sales continue with the transaction of Wellington Central at 836 Wellington Street.
In a sale arranged by Ben Schubert, Todd Schaffer and Andrew Woodley of Knight Frank Perth and Sydney, Investa Office Fund has sold the property for $91.3 million. The fund is a real estate investment trust which is listed on the Australian Securities Exchange. With $4 billion worth of assets under management, it focuses on investment grade office buildings and government and blue chip tenants.
The purchaser is Growthpoint Properties Australia. Growthpoint is also a real estate investment trust whose aim is “to be a pure landlord, with 100% of income derived from rent under leases to quality tenants from commercial real estate.” They own a total of fifty seven properties across Australia with a value of approximately $3.3 billion.
According to Perth Cityscope, Growpoint’s latest acquisition, Wellington Central, is an 8-level office building, completed in March 2009. It comprises 682 sqm of retail space on the ground floor, parking for 138 vehicles over levels one and two, and almost 12,000 sqm of office space over the top five levels. It is fully occupied by the Federal Government through the Department of Home Affairs until 2027.
The property last traded at $18.92 million in 2007, while still in the early stages of construction. This sale at $91.3 million represented an initial yield of 6.96% on passing income of $6,350,080.