This article is from the Australian Property Journal archive
SCOPE Property Group has acquired the Craig Mostyn House at Fremantle in Perth for $6.5 million for a new syndicate.
Located at 6 Short St Fremantle, the 2,281 sqm building sits on a land holding of 2,308 sqm across four titles with 48 car park spaces. The anchor tenant Craig Mostyn & Co Pty Ltd has eight years remaining on the lease.
Scope Property Group director Robert Englehard is confident that that remaining vacant space will be taken up in coming months.
He added that the acquisition is in line with the group’s overall investment strategy.
“The purchase sees Scope astutely enter the Fremantle commercial property market ahead of a wave of planned redevelopment and revitalisation of the area. Applications and building approvals in Fremantle are at their highest level in 25 years fuelling a flood of activity in the area.
“We are very selective about the properties we purchase. We only syndicate properties where we can substantially de-risk the asset whilst also providing our investors with strong income returns coupled with future capital grow, and we believe that Short St exhibits both of these.”
“Scope’s investor base continues to grow as we consistently continue to deliver on our investment mandates. This was clearly demonstrated with the syndicate being substantially oversubscribed in just 2.5 days,” Englehard said.
Scope will undertake a $1 million refurbishment of the property, to attract new tenants.
Property Review
