Aspen Group Ltd has gained almost $37 million on the book value of three of its largest commercial office buildings following independent revaluations.
The revaluations of Septimus Roe Square in Perth, 564 St Kilda Road in Melbourne and MTAA Super House in Adelaide bring the book value of the group's property portfolio to $377.8 million.
Over the past 12 months, the value of Aspen's Septimus Roe Square office tower on Adelaide Terrace alone has soared 22.4 per cent to $93.9 million, based on its previous book value of $76.7 million.
In the same period MTAA Super House has grown by 20.2 per cent in value to $93.5 million while the St Kilda Road office has grown 13.1 per cent over the past two years to $31.9 million.
Aspen Group managing director Angelo Del Borrello said the revaluations were a reflection of the strong commercial office market in those states and Aspen's ability to add value through its active assets.
"The revised valuations have been achieved across three different markets and are testament to the ongoing hard work undertaken by our leasing and asset management teams", Mr Del Borrello said in a statement.
The growth of Septimus Roe Square has been attributed by the company to strong CBD office market conditions and recent extensive refurbishments.
The St Kilda Road office secured a new long term lease with L'Oreal for over 50 per cent of the building and has subsequently supported this with a number of smaller tenants, all of which has significantly increased the building's net income and leasing profile.
The valuations will be reflected in revised book values in the group's half year financial accounts.
