This article is from the Australian Property Journal archive
GE Capital Real Estate has put a prime Perth CBD office building on the market.
GE Capital Real Estate has appointed Savills to sell Allendale Square tower on 77 St Georges Terrace, by expressions of interest closing on 17 October 2012.
The 31-level building comprises 28,095 sqm of space and 101 basement car parks, set on a site area of 4,057 sqm.
The property is the Western Australian headquarters of ANZ Bank and other tenants include Minter Ellison, WA Bar Chambers and Hess Exploration. The property also features a separate three-level podium building occupying ANZ’s banking chambers and a two-level chapel.
The property has an estimated fully leased net rental of approximately $19,500,000 per annum and a weighted average lease expiry (WALE) of 7.5 years.
Savills WA managing director Paul Craig said Allendale Square is a rare opportunity to acquire one of Perth’s landmark CBD properties, providing strong rental growth potential.
Craig said GE Capital Real Estate’s decision to market Allendale Square follows a recent series of major settled office transactions including Credit Suisse’s $56 million purchase of 45 St Georges Terrace from Stockland and Investa’s purchase of 66 St Georges Terrace for $82 million.
“We are seeing strong interest from east coast and offshore investment groups in the Perth CBD office market, with Credit Suisse recently joining DEKA as the second European fund with an investment presence here.
“Allendale Square is undoubtedly one of Perth’s blue-chip investment opportunities and we expect it will attract strong interest from national and international institutions, given the attractive dynamics of the CBD office market and WA economy in general.” Craig concluded.
Savills WA divisional director of City Sales Miles Rowe said Allendale Square is a high profile asset and focal point for the St Georges Terrace financial precinct, and has benefitted from the recent completion of BHP Tower and associated retail.
“It offers unrivalled tenant amenity in the Perth CBD including excellent pedestrian linkages to Perth’s Hay Street and Murray Street Malls and the new $2.6 billion Perth Waterfront mixed-use and public space development at Elizabeth Quay,” Rowe said.
Property Review
