Agem Property Group has bought a 4,903 square metre medical facility in Osborne Park for $8 million from Rosetta and Blazenko Kuscevic, with a lease to Australian Clinical Labs.
The Perth-based property investment group purchased the 23 Walters Drive asset from the private investors, following a six-year lease renewal to the ASX-listed pathology group.
The 4,903sqm lot includes a 2,700sqm office, warehouse and laboratory, and sits within the City of Stirling’s Herdsman Glendalough Development Plan area.
Agem Property Group managing director Adrian Fiore said identifying opportunities like this required perseverance and a long-term view.
“With the economic conditions generating caution across the market, we’ve spent the last year working to identify what we consider defensive opportunities,” he said.
“We started looking at 23 Walters at the end of 2021 and were originally attracted to the fundamentals – a rectangular lot, in a central location and a building that could attract a range of tenants.
“The ability to then package this kind of asset with an ASX-listed tenant, operating in a field we believe is well positioned defensively, was exactly what we’d been searching for.”
Rosetta and Blazenko Kuscevic bought the asset for $5.7 million in 2008.
The purchase follows Agem’s acquisition of Hillarys Plaza for $19 million late last year.
Adam Smith of Altegra Property brokered the Osborne Park deal.
“This part of Osborne Park is tightly held and always attracts strong interest from both tenants and owner occupiers,” he said.
“The construction of the new Mineral Resources headquarters and moves to the area by Primero Group, Siemens and Schweitzer Engineering is a testament to that.”
He added that while the fund manager continued to address investor demand, the focus should always be on the principles.
“While there’s still strong investor demand for these kinds of assets, it’s essential we consider both the metrics of each opportunity and the broader economic challenges,” he said.
“We may well look at twenty or thirty sites and proceed with none”.
The fund is now closed for participation, with Agem and related parties retaining a 20 per cent cornerstone position.
