The EBM insurance building at 1162 Hay Street, West Perth has been sold to Mair Property Funds in an off-market transaction conducted through Transact Capital Managing Director for Queensland and WA, Alex Gismondi.
The acquisition of a West Perth commercial building for $10.6 million has closed out Mair Property Funds’ second diversified fund, bringing its total to $60.6 million worth of assets across Australia.
Transact Capital conducted the off-market transaction of 1162 Hay Street, the entirety of which is leased to EBM Insurance, one of the largest residential insurance brokers in Australia.
Comprising a land area of 1,863 square metres, the property has a Nett Lettable Area of 1,423 square metres and comes with a WALE of approximately 4.5 years.
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Its position on the corner of Hay and Havelock Street means it benefits from exposure to over 10,000 cars per day, and is within the “core” eastern precinct of West Perth with good proximity to Perth CBD.
Transact Capital Managing Director for Queensland and WA, Alex Gismondi told WILLIAMS MEDIA there had been an “overwhelming” amount of enquiry for the asset.
“The long WALE and defensive nature of the tenant coupled with the strategic West Perth location and counter-cyclical WA outlook for the office sector was the driving force which underpinned investor demand,” he said.
“The building underwent significant capital expenditure in 2015 which refurbished the property to A grade specification and bolstered the asset with a 5.5 stars neighbours rating and ongoing deprecation benefits.
“Despite the current economic climate, we remain extremely confident that our loyal and active database of qualified buyers is continuing to seek more assets of a similar nature.”