In Brief

SAITeysMcMahon looks West to Customs House

FAST-GROWING boutique fund SAITeysMcMahon has announced itself as the buyer behind the purchase of premium Fremantle commercial property, Customs House.

Diversified property fund SAITeysMcMahon settled the sale this month, securing the fully tenanted building – Australian Custom Service occupies 66 per cent of the building – for $16.65 million on a yield of 9.5 per cent.

Colliers International and Perman and Associates conducted the sale and Colliers International has subsequently been appointed to manage the property.

The fund has also bought the Bunnings outlet in O’Connor for $10.75 million on a yield of 8.8 per cent. Located in O’Connor’s established bulky goods precinct, the building is fully leased to Bunnings Hardware on a long-term lease.

SAITeysMcMahon executive director Judy MacMahon said the purchases had assisted the eastern States-based fund to establish a well-weighted geographic exposure to Western Australia, with the acquisitions bringing a further sectoral diversity at a solid yield level with an excellent length of lease duration.

The purchases come on the back of the fund’s growth, which increased to $125 million in December 2003, compared with $96 million at September 2003.

“Our investment selection process allows us to consistently acquire new properties to absorb the growing funds inflow while delivering on the promise of yield and diversification, ensuring the fund’s history of performance continues,” Ms MacMahon said.

Colliers International executive, commercial and industrial sales and leasing, Reece Cocks, said the interest shown by local and eastern States investment managers reflected continued confidence in the Fremantle commercial market.

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