Singapore investors trade Perth’s ex-Chevron HQ for $67.8m

Covering 905-919 Hay Street the investment includes a 14-level office and low-rise heritage buildings.

Stamford Land Corporation has sold Perth’s ex-Dynon’s Plaza to Redhill Partners, which is also Singapore based.

The investment contains a vacant 14-level, 13,360 square metre office which was for 10 years until last April Chevron’s headquarters.

Also including three heritage buildings and 34 car parks, the commercial property spreads between 905-919 Hay Street.

In recent years the amalgamation has been marketed as Stamford Green.

JLL’s John Williams brokered the divestment, which needs Foreign Investment Review Board approval (story continues below).

Stamford said the price plus rental income covers more than 90pc of its investment; it reportedly outlaid $80m constructing the tower 11 years ago.

In 2010 it listed the property for sale seeking c$140m then rejected an offer close to this.

For Redhill, the purchase comes 14 months after, with New York’s Apollo Global Asset Management, it paid $100.6m for 28 The Esplanade, a few hundred metres east of 905-919 Hay St.

A courtyard off the tower’s ground floor.
The office tower has been vacant since Chevron moved to 250 St Georges Terrace last April.

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Marc Pallisco

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

Marc Pallisco