This article is from the Australian Property Journal archive
FORMER Queensland Premier and Senate candidate Campbell Newman’s Arcana Capital has acquired an industrial and engineering workshop in Western Australia’s Kalgoorlie for $10.9 million.
Purpose-built last year, the 65 Carnegie Street property is tenanted by Pacific Energy, a wholly-owned subsidiary of Queensland Investment Corporation. Its 10-year lease expires in June 2031.
Pacific Energy deals in the design, delivery, and implementation of power-generating assets in the remote energy, distributed energy resource, and renewables sectors.
The property has a net lettable area of 4,460 sqm and includes a large workshop facility with two 20-tonne gantry cranes, office, warehouse, 44 car parks, and substantial concrete hardstand, on a total allotment of 20,236 sqm across three adjoining lots.
Arcana Capital has this year acquired an industrial and engineering workshop in Kayili Road, Kalgoorlie for $8.15 million, a medical and allied health property in Queensland’s Mackay for $6 million, and an industrial workshop in Mackay for $3.5 million.
Arcana Capital manager – investor relations, Colby Phillis, said that the investment in the asset was particularly driven by Kalgoorlie’s position as a key centre for mining and processing of new economy minerals.
“Kalgoorlie is in one of the most resource-rich areas of the world with Western Australia set to become a world leader in renewable energy and distributed energy resource projects,” Phillis said.
“With a secure tenant, this purpose-built brand new workshop was very appealing to our investors with our wholesale fund being well over-subscribed.”
Since establishment in 2015, Arcana has acquired and managed 28 properties worth $180.56 million, and raised over $100 million in investor equity. Its investment portfolio features fuel stations, retail, office and industrial properties in Queensland, South Australia, Tasmania and Western Australia.
In June, it offloaded a fully leased retail centre on Bribie Island for $9 million, six years after it paid $7.3 million for the asset.
