Aspermont building hits market

The Perth headquarters of ASX-listed media company Aspermont has hit the market, amid a dispute over the late company chairman’s assets.

A two-storey building at 613 to 619 Wellington Street, which is the Perth headquarters of trade publisher Aspermont, is being offered for sale.

Andrew Kent, who died suddenly last year, bought the building via NSW-registered entity Ileveter Pty Ltd, for $1.15 million in 2003.

Ileveter Pty Ltd went into administration in January this year, Australian Security Investments Commission documents reveal.

Mr Kent’s son Alex Kent is the managing director of Aspermont.

Mr Kent’s estate has been at the centre of a legal dispute, with his children Alex and Laura having lodged a writ in the Supreme Court of Western Australia naming their stepmother Maria Stratton-Kent and brother Hugo Kent as defendants.

In the writ obtained by Business News, Alex and Laura claimed their lawyer Andrew Bower should be granted access to letters of administration for their father’s estate.

The children claimed they were entitled to the administration of Mr Kent’s estate as two of the four people entitled to distribute his property on his intestacy.

Cushman & Wakefield’s Nick Charlton and Ben Younger have been appointed to sell the property, which includes 845.7 square metres of office area and 790sqm of warehouse space.

The property sits on a 1,396sqm site across two titles, and has recently been upgraded with speculative fit outs.

Aspermont is leasing a portion of the property until September 2025.

The character building has redevelopment potential, as it is zoned for a 5 to 1 plot ratio with up to 70 per cent plot ratio bonus available.

It was the former home of Gobbles Nightclub, a hot spot for live music in the 1980s and 1990s.

It sits opposite the Perth City Link precinct, where Edith Cowan University’s city campus is under construction.

Cushman & Wakefield joint head of capital markets WA Nick Charlton said the property is expected to generate strong interest.

"We anticipate high levels of interest from both local and national groups," he said.

Cushman & Wakefield joint head of capital markets WA Ben Younger said the purpose-built student accommodation sector would be drawn to the asset.

"With a critical shortage of student beds in Perth and our last data from the Student Accommodation Council showing there is approximately 1 bed for every 27 tertiary students we anticipate strong demand from the Purpose-Built Student Accommodation (PBSA) sector”,” he said.  

“The property also has current holding income so whilst we expect strong interest from the PBSA sector, the site will also suit those looking for well-located parcels of land with significant upside potential”.

An expressions of interest period for the property closes on April 24.

The building is opposite ECU's new city campus. 

Dispute

Mr Kent's children Alex and Laura lodged the Supreme Court writ in January, amid another set of legal proceedings over their father's estate that also involved their stepmother.

WA Supreme Court Justice Jennifer Hill did not accept that Ms Stratton-Kent was the only person entitled to the administration of Mr Kent’s estate, in a judgment delivered late last month.

Ms Stratton-Kent appealed a registrar’s order in January, claiming she was the only person entitled to distribute her late husband's estate and the grant of administration, according to Justice Hill’s judgment.

However, the appeal was opposed by the children who claimed there was a conflict with their stepmother being granted the letters of administration with the complexities attached to Mr Kent’s estate.

Ms Stratton-Kent filed an affidavit that included an updated list of Mr Kent’s assets and liabilities, which the children disputed, the judgment said.

The affidavit listed Mr Kent’s moveable property within WA being valued at $5,000, valued his moveable and immoveable property outside WA at $15.7 million, and a $4.2 million debt to the National Australia Bank.

“The interested parties do not accept this is an accurate summary of the assets and liabilities of the deceased’s estate,” Justice Hill said in her judgment.

“They contend there are additional moveable assets within Western Australia, including the balance of the superannuation fund of the deceased, with an estimated balance of almost $2.5 million.”

In her judgment, Justice Hill said by filing the Supreme Court writ, Alex and Laura have started a probate action in the contentious probate jurisdiction of the court.

Justice Hill said a discussion over granting the letters of administration should not be done until the more recent proceedings have been determined.

The matter is listed for a directions hearing on April 17.