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.