One of the last remaining properties in the Insurance Commission of Western Australia's property portfolio has been sold for $87 million.
167 St Georges Terrace, Perth, is one of five properties put to the market by the Commission in early 2015 and one of three located in the CBD. The Insurance Commission of Western Australia is a statutory corporation owned by the Western Australian Government that provides injury insurance to motorists and self-insurance to the Government.
The purchaser, Zone Q Investments, purchased the property on behalf of Far East New Central Investments Pty Ltd, part of the Australia New Central Investments group of Hong Kong. Zone Q, better known for residential development, already has a profile in Perth with their Nspire 108 apartment development in Northbridge and Pinnacle Apartments in South Perth.
Westralia Plaza, according to Perth Cityscope, is a 13-storey commercial building with basement parking, a ground floor retail plaza with a net lettable area of over 10,000 sqm and a 5-star NABERS rating. Tenants include Michael Page International, St George Bank, HWL Ebsworth in the office tower and Priceline, Dome and the Tartine Café in the retail space.
The site previously traded at $5 million in December 2003 with the Commission then developing the current building between 2008 and 2010 at a cost of approximately $54 million.