Lester Group banks $22m from office, car park

The Belmont properties (shaded) are separated by a public walkway.

Lester Group has sold a Belmont office and nearby open-air car park for $22 million.

The investor paid $19.1m for the assets – 181 Great Eastern Highway and 67 Cleaver Street – for a syndicate in 2013.

The Great Eastern Highway office includes 4036 sqm of A-grade area.

That vendor, Stockland, held it in the Diversified Office Trust No 3.

Colliers’ Wayne Lawrence and Tory Packer brokered the latest deal – to Australian Development Capital.

The price reflects a 7.7 per cent net passing yield.

Belmont is about seven kilometres east of Perth.

181 Great Eastern Highway

The properties are leased to NRW Holdings until 2026.

All up they cover 1.07 hectares, zoned Mixed Business.

The office – on the highway and with Swan River aspect – contains 4036 square metres of A-grade area over three floors (story continues below).

The Belmont holdings are about seven kilometres east of Perth.

There are a total of 235 car parks.

The holdings are near a 1670 sqm modern office/warehouse which Fortescue Metals Group leased last May, for five years.

Malaga asset collects $8.45m

Bidford Australia has paid $8.45m for a Malaga food processing plant formerly occupied by Goodman Fielder.

In a separate deal, with a different vendor, a vacant Malaga food production facility sold for $8.45m.

Bidfood Australia, the purchaser, intends to move in.

On 2.2ha at 38 Crocker St, the 12,243 sqm office, warehouse and workshop was previously occupied by Goodman Fielder.

JLL’s Brett Mathanda and Ross Palframan with Raine & Horne Commercial’s Anthony Vulinovich Daniel Romeo brokered the sale.

Malaga is about 11 kms north of the CBD.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.