Perdaman snares sixth asset
APIL, or Australian Property Investments Limited, has sold another asset, this time at Subiaco.
The Subiaco Square office and retail complex curried favour with fund manager and investor Perdaman, which is also Perth based, for $14.7 million.
At 50 Subiaco Square Road, it contains 2120 square metres of modern area over three floors.
Fully leased, occupiers include Lifeline and Zambrero.
The weighted average lease expiry is 4.2 years.
The annual income is $1.1m, with 61 per cent of revenue coming from healthcare related businesses.
The site spreads 2228 sqm, predominantly exposed to Station Street, near the corner of Roberts Rd.
CBRE’s Nicholas Volk and Derek Barlow were the agents.
“This asset’s prime location compliments Perdaman’s expanding retail portfolio which includes The Village at Margs, Northern Boulevard, Port Coogee Village and other properties across Western Australia,” a spokesperson for the buyer said.
“With this acquisition, Perdaman now holds 22,000 sqm of commercial space across its six assets,” they added (continues below).
APIL sells Subiaco Square
APIL outlaid $6.6m for 50 Subiaco Square Rd in 2002, for a closed ended wholesale fund.
The disposal price reflects a 7.5 per cent net passing yield.
The deal comes six weeks since we reported the asset manager offloaded Kincross Central for $16.88m.
It paid $12.45m for that property 12 years earlier.
Earlier this year meanwhile, APIL sold Joondalup Square to AsheMorgan, for $79.1m – a rise on its $55.6m outlay in 2016.
Subiaco is about four kilometres west of Perth’s CBD.
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