A striking commercial building at 202 Pier Street, Perth has been sold for $125.25 million.
The vendor was the Charter Hall Group through its Charter Hall Direct WorkZone Trust. The group was launched in 1991 and is now one of Australia’s leading property groups with $22.5 billion of assets currently under management.
The purchaser was ASX-listed Elanor Investors Group, a Sydney based investment and funds management business. Its investments include Australian retail plazas plus a range of hospitality and accommodation assets including various Ibis hotels, two regional Mantra hotels and the famous Peppers Cradle Mountain Lodge.
202 Pier Street, known as the WorkZone West Building, is an inner city, A-grade office campus. It has a building area of 15,602 sqm, large floor plates of 2,443 sqm and car parking for 141 vehicles. It is fully leased to the CIMIC Group. Location wise it is next to a train station and near Hay Street Mall and the popular Northbridge precinct.
The property last traded at $124.5 million in 2013.