Baron Property Group on behalf of wholesale investors has spent $10 million on a new service centre in Perth’s north east Embleton.
At 484 Walter Road East the asset is expected to return seven per cent in the first year and 7.5pc the following.
The trust which will hold it recently closed oversubscribed.
The property replaced a row of shops on 3960 square metres at the south west corner of Beechboro Road North, also the Morley and Bayswater suburb border, c7.5 kilometres from the city.
Eighty five per cent of the income is derived from two tenants: Bridgestone Select Tyre and Auto and bp, which operates a Wild Bean café and petrol station (story continues below).
Snap Fitness is another occupier.
The Weighted Average Lease Expiry is 12 years.
Established in 2017 by Miles Ashton, Subiaco based Baron last year paid $17.3m for a modern four level office at 193-195 Great Eastern Highway, Belmont – about an eight kilometre drive south of Embleton.
Two years ago it spent $10.23m on a low rise office in Bentley – the same distance south west of Belmont.