Church sells two Perth offices
The Christian Brothers has sold two West Perth office investments to local groups.
In the bigger deal, 16 Ord Street (pictured, top), collected $15.1 million – a 6.5 per cent net passing yield.
About 20pc of the 2891 square metre three level A-grade building is vacant.
Wright Prospecting and ASX-listed Wildcat Resources are amongst the tenants.
The weighted average lease expiry is 1.3 years. There are also 77 car parks. The site spreads 2164 sqm.
Kings Park Road
Meanwhile another local investor has bought 52 Kings Park Road, West Perth, from the church (continues below).
The outlay for the asset also known as Garland House is $7.4m – a 7.2pc yield.
With 1221 sqm over four floors it is fully occupied; B Stata and WT Financial are amongst the occupiers.
The WALE is 2.1 years.
The site spreads 931 sqm also exposed to Walker Avenue.
CBRE’s Derek Barlow and Nicholas Volk with Richard Noble & Co’s Paul Peou and Phil Fogliani were the agents on both deals.
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