Search

Clough building sold to NAB

CONSTRUCTION firm Clough Engineering Limited has sold its nine-storey Perth headquarters building to the National Australia Bank Superannua-tion Fund for $21.3 million.

The building at 251 St George’s Terrace, formerly known as Markalinga House, was constructed by Clough in 1986 for a private client and purchased by the group in 1994.

An additional level on the building was completed in 1999.

Clough managing director Brian Hewitt said the development and selling of property had been a consistent profit-earner for the Clough group over many years.

“We are also planning a much more active role for our new consolidated property division with an increasing profile in the market,” Dr Hewitt said.

Clough occupies the top four floors of the Perth building and Telstra the other five floors.

Under the sale agreement, Clough will lease back all space in the building it occupies for eight years, with an option for a further two years.

Login

(existing subscribers)

The password field is case sensitive.
Request new password

Add your comment

BNIQ sponsored byDiversus

Engineers

3rd-GHD350
4th↑AECOM300
5th↑CloughNFP
6th-Jacobs Engineering230
7th↑SNC-Lavalin190
145 engineers ranked by number of engineers in WA

Number of Employees

Engineers

Share Transactions

24/04/13
$11k Bought
24/09/10
$2.4m Sold
09/09/10
$1.7m Bought
Total value as at the date of the transaction
Source: Morningstar

BNiQ Disclaimer