A joint venture including Macquarie Bank Ltd have purchased 7500 square metres of office space and retail arcade on Hay Street known as 160 Central for some $40 million.
Below is the full announcement:
Macquarie Real Estate Equity Fund No. 7, Macquarie Bank Limited and Twin Ocean Property Group in joint venture have purchased 7,500 sqm of office space and thriving retail arcade with the potential to either strata or sell.
Costing approximately $40 million, the property is centrally located in the heart of the St Georges Terrace commercial precinct.
State Manager for Macquarie Real Estate, Tim Jones, said that the purchase was opportunistic and that the joint venture planned to add value to the building.
"The intent of the joint venture is to undertake an extensive capital works program on the building over the next 12 months to upgrade some of the main services to increase the performance and value of the office tower and retail component.
"Macquarie likes to work in partnership with leading developers, where we combine the developers' property skills with the financial capabilities of Macquarie with the aim of delivering superior outcomes for all parties," said Mr Jones.
Twin Ocean Group's Director, Greg Tomlin, said that project management would be undertaken by their group. The company has also been responsible for several successful commercial office projects including the St Quentin's development in Claremont.
"160 Central offers two street frontages and parking for 51 vehicles and is centrally located in the heart of Perth's core business precinct.
"In addition to this, the site is located next door to Central Park and opposite the new BHP headquarters, which will add more prominence to the building in the future," he said.
The vendor is GE and the sale was negotiated jointly by John Williams for Jones Lang LaSalle and Ian Mickle for Colliers.
