Lester Group syndicate picks up Belmont asset

Commercial property development firm Lester Group says it is looking interstate for acquisition opportunities after completing the $19.1 million purchase of a Belmont office complex.

The property is located at 181 Great Eastern Highway and covers two titles, including a 4,000 square meter office building which is fully leased to engineering services provider NRW Holdings through to 2018.

The total land over the two titles is 10,702sqm and the property is the second Lester Group purchase in Belmont in the past year.

“Belmont is an area we’ve identified as one that offers considerable opportunity – its undergoing a transition to a precinct offering high quality suburban office space as well as light industrial use, and it is strategically located between the CBD, the airport and Perth’s established industrial areas,” Lester Group director Russell Lester said.

Lester Group purchased the property from Stockland’s Direct Office Trust No. 3 via syndicate, which was fully subscribed in just 21 days.

The group said it invested $1.4 million into the syndicate.

Meanwhile, Lester Group said it was preparing to launch its first interstate syndicate, after completing the first stage of due diligence on a $22 million asset in St Kilda, Melbourne.

“We continue to monitor the market for new opportunities for investment, and we believe the east coast represents a great array of new possibilities,” Mr Lester said.

“To that end, we are currently looking for other opportunities in both Melbourne and Sydney as well as Perth.”