Westoz chair Jay Hughes has purchased the Subiaco office building for $2.4 million.
Westoz Funds Management chair Jay Hughes has purchased Clarity Communication's former office in Subiaco for $2.4 million, with a view to set up the premises as a family office.
The 360 Rokeby Road building went to the market following the public relations company’s move to its former office at 22 Railway Road in Subiaco last year.
Mr Hughes bought the two-storey office from Clarity Communications co-founders Anthony Hasluck and Daniel Carroll, via Inkese Pty Ltd.
The Rokeby Road office is currently leased to Sensorem and People Solutions Australia with a two-year weighted average lease expiry.
Mr Hasluck told Business News the company moved back to Railway Road, where it had been between 2005 and 2010, after an extensive refurbishment of the building.
“We left here originally because of the lack of activity in Subiaco town centre about a decade ago, and there was also a lot of construction underway (with the Ace Cinemas being built),” he said.
“We’ve returned to familiar territory because this area has become really activated in the past year of two with lots of new bars and café’s and plenty of people visiting.”
Sterling Property principal Brian Neo brokered the off-market transaction for the Rokeby Road office, which attracted a net yield of 6 per cent.
He said the transaction highlighted the growing appeal of the area.
“Properties located on the Rokeby Road strip, particularly the Paris end, are very difficult to come by,” Mr Neo said.
“As the properties are typically held for a long time, buyers are seeing the value in acquiring these sites as they come to market.
“This precinct has become well established as a new family office precinct given the amenity and location Subiaco has to offer.
“The property was purchased by a high-net-worth family who is happy to sit and wait for the leases to expire and plan their move in the medium-term.”
