Search

GEM pays $39.35 million for Perth property

GEM Commercial Property Trust, part of the Growth Equities Mutual Ltd stable, said it has acquired a 50 percent interest in Allandale Square, Perth, for $39.35 million. The acquisition was from the Armstrong Jones Perth Property Fund. The acquisition represented an initial yield of seven percent on total purchase price based on current income. Good income growth was anticipated, it said. The other 50 percent of the property had been purchased by the Australian Prime Property Fund from the MLC Ltd No 1 Statutory Fund in a separate transaction, GEM said. The property comprises a 32 storey office tower, plaza level and main lobby, retail arcade and basement car park. The office and retail space have a total lettable area of 28,707 square metres.

Add your comment

BNIQ sponsored byECU School of Business and Law

Students

6th-Australian Institute of Management WA20,000
7th-Murdoch University16,584
8th-South Regional TAFE10,549
9th-Central Regional TAFE9,064
10th-The University of Notre Dame Australia6,708
46 tertiary education & training providers ranked by total number of students in WA

Number of Employees

BNiQ Disclaimer