Allendale deal revs up city sales

RALPH Sarich has ended weeks of speculation by confirming the acquisition of the second half of Allendale Square for $45 million.

The deal comes just seven months after Mr Sarich’s company, Cape Bouvard Investment, paid General Property Trust $45 million for the first half of the building.

It’s understood Cape Bouvard Investments executed contracts with the Australian Prime Property Fund this week.

APPF denied it was involved in any negotiations in late February when WA Business News first reported on the sale of the second half of the building.

At the time, Australian Prime Property Fund commercial portfolio manager John Bucknell said there was a joint ownership agreement that included a first right to refusal, but that there was nothing going on.

Mr Bucknell was not available to make any comment this week.

The acquisition will move forward Cape Bouvard’s plans to develop the adjoining CTA building on the Esplanade, considered a vital link between the Esplanade and St Georges Terrace.

The CTA building will undergo redevelopment into a $20 million office development, putting further pressure on the major office tower developments proposed for the CBD.

Cape Bouvard also has set aside $5 million to complete the refurbishment of Allendale Square and redevelop the space beneath the site.

The Allendale Square site includes the retail space beneath the building and St Georges Terrace.

It’s understood there are plans to redevelop this significant subterranean retail space.

The deal follows the acquisition of Wesfarmers House from ING and Wesfarmers in July last year.

In other major property news, the Bank of New Zealand House at 30 The Esplanade is on the market for $18.5 million.

Singaporean company Time Publishing currently owns the building, which was acquired along with a nearby three-storey office building for $22.2 million in 1994.

CB Richard Ellis WA managing director Graeme Russell said the building had a net lettable space of 6,940sq m.

“It’s actually only 60 per cent leased but we do have offers out on all the vacant accommodation,” he said.

“We expect the building to be fully leased in the next six to eight weeks.

“It’s regarded as an A-grade building. It’s a tiny office building but it’s got great views on every floor.”

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