Perth’s Lester Group has agreed to purchase a Butler retail precinct worth an estimated $50 million, from Adelaide’s Axiom Properties.
The family-owned property investment group on Friday entered a heads of agreement with Axoim to buy the retail precinct, comprising 13,500 square metres of gross lettable area.
Lester Group did not reveal the expected purchase price, but it is understood the space is valued at close to $50 million.
ADCO Constructions is building the development, which is 60 per cent pre-leased to national large format retailers.
The retail precinct sits opposite a Woolworths supermarket, recently bought by fund manager Charter Hall, and Butler train station.
Construction on the project is expected to be complete by June 2022.
Perth’s Vend Property is handling the leasing campaign.