This article is from the Australian Property Journal archive
SGX-listed hotel developer Stamford Land Corporation has put its brand new fully leased Dynons Plaza building in Perth CBD on the market, with a $140 million plus price tag.
The 14-storey 13,174 sqm building is 100% leased to resources giant Chevron Australia for 10 years from April.
Stamford has appointed Savills as the exclusive agents to run an international Expressions of Interest campaign ending May 21.
Speaking from Singapore, Stamford’s chief operating officer Tay Lai Wat said Dynons Plaza is an attractive blue-chip asset.
“As part of our property development business, we actively consider opportunities for our prime landmark properties, taking into account optimal pricing and market conditions.
“Dynon’s Plaza is no exception, and we seek to achieve the best available pricing in the market,” he added.
Savills Western Australia managing director Paul Craig is expecting a transaction price well in excess of $140 million.
According to Craig, Dynons Plaza is the first new Perth CBD building leased to one blue-chip tenant since the sale of Alinta Plaza in 2006, which heralded the emergence of international investors taking a stake in the Perth CBD market.
“The sale of comparable CBD assets which offered 100% ownership are extremely rare over the past 20 years with the previous significant 100% leased CBD asset sale being BankWest Tower in the early 1990s.
“Given the huge new wave of resources projects and supporting infrastructure fuelling WA’s growth prospects, and in particular the predicted growth outlook for WA by major economic researchers such as the BIS Shrapnel and ACIL Tasman, Perth is emerging as a buy for more and more domestic and international investors, who are displaying a renewed appetite for acquisitions,” he added.
Craig said the sale should represent one of the largest ever commercial property transactions in the Perth CBD.
“Dynons Plaza is such a unique opportunity and rare quality offering, that it is likely to attract strong national and international interest, including from overseas pension funds.
“Dynons Plaza is strategically positioned in a key precinct surrounded by other major resources companies such as Woodside Petroleum, Shell and Worley Parsons,” he concluded.
Australian Property Journal
