Arcana Capital buys Kalgoorlie site

A Queensland-based commercial property investor and funds manager has acquired an industrial and engineering workshop in Kalgoorlie for $10.9 million.

Arcana Capital finalised the purchase of the 2021 purpose-built building at 65 Carnegie Street in Broadwood last month.

The site sits in a 20,236 square metre allotment across three lots at 65 Carnegie Street and has a net lettable area of 4,460 square metres.

A large workshop facility with two 20-tonne gantry cranes, office, warehouse, 44 car parking bays and substantial concrete hardstand is on the site.

The property is tenanted by power generation project developer Pacific Energy with a ten-year lease expiring June 30, 2031.

Arcana capital manager of investor relations Colby Phillis said the investment in the asset was particularly driven by Kalgoorlie’s position as a key centre for mining.

“Kalgoorlie is in one of the most resource-rich areas of the world with Western Australia set to become a world leader in renewable energy and distributed energy resource projects,” he said.

“With a secure tenant, this purpose-built brand new workshop was very appealing to our investors with our wholesale fund being well over-subscribed.”

Arcana Capital is advertising the site as an investment opportunity.

According to Arcana, the property has a weighted average lease expiry of 9.09 years.