Big deal in the CBD

IN the biggest CBD property sale of the year, Ralph Sarich of Cape Bouvard Investments has snapped up two prime Perth commercial properties for $81 million. After months of negotiations, Cape Bouvard this Monday signed off on the deal to buy Wesfarmers House for $35.9 million and a half-share in Allendale Square for $45.1 million. In a deal brokered by Chesterton International, both Wesfarmers and ING sold their stake in the building, which is expected to earn Mr Sarich more than $2.8 million per year. Wesfarmers will remain as a major tenant in the 12-storey building and will extend its main lease until June 2010. And as well as buying General Property Trust’s share in the 32-storey Allendale Square, Cape Bouvard also has secured a first right of refusal over the remaining 50 per cent share, held by the Australian Prime Property Trust.