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Good buy

WA-based property syndicator Glenmont Properties has bought the Department of Transport building from the University of Western Australia for $9.6 million.

Leased entirely to the department, the eight-storey building is located in the central business district’s west end, at 441 Murray Street.

Lend Lease, acting on behalf of UWA, and Colliers Jardine negotiated the sale.

Glenmont Properties managing director Simon Toovey said the building was a good addition to its stable, providing a solid rental income, blue chip tenant and ideal investment fundamentals.

Colliers Jardine sales director Jeff Braddock said the building was ideally located at the western end of Murray Street and was sure to benefit from the increased commercial activity at the western end of the CBD, including the new Woodside building.

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