Altis seals first WA deal

Vantage this month acquired a Teneriffe office – its maiden non Victorian asset.

Altis Property Partners is the latest investment house to venture interstate, picking up an industrial holding at Hazelmere, north east of Perth, for $31.5 million.

Marprop recently paid $70 million for 99 Gawler Place, Adelaide.

The 9.01 hectare amalgamation, lots 59 and 403 Bushmead Road, contains a warehouse occupied by McMahon Burnett Transport, also the vendor.

It also includes two offices and a shed tenanted to National Pump and Energy.

The balance of the block is undeveloped; Altis has earmarked this for a 13,000 square metre A-grade logistics facility.

Knight Frank’s Tom Iredell and Regents Commercial’s Mal Ashton brokered the part-leaseback, off-market sale.

New territories

Sydney based Altis is the latest major landlord to recently move into new territory (story continues below).

This month alone, we reported Sydney based fund manager Marprop acquired its first South Australian asset – a central Adelaide office – for $70m.

Melbourne based Vantage, meanwhile, purchased its first investment outside of its home state – a warehouse converted office, also home to radio station Nova FM, in Brisbane’s Teneriffe.

In May, Sentinel, which is headquartered in Brisbane, also invested in Adelaide for the first time – choosing a multi-level strata office.

Mr Iredell and Mr Ashton didn’t disclose the Hazelmere yield but said relatively high returns in Western Australia compared to the eastern states is continuing to attract investors to the city.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of