Mustera buys East Perth lot for $4m

Nedlands-based Mustera Property Group has bought a 2,223 square metre lot in East Perth from Georgiou Capital for $4 million, and has the option to buy an adjoining lot for a further $8.5 million.

The property investment and development company, which listed on the ASX in June last year, said it would retain Lot 70 Haig Park Circle as an investment property with the potential for future development.

The previous owner of the site, Georgiou, had a plan to build a six-level, 60-apartment project approved by the City of Perth development assessment panel with a base construction cost of $15.8 million.

The site comprises a car park, which is leased to Wilson Parking Australia.

“As part of the negotiations, Mustera has also secured a three-month option to purchase an adjoining property,” Mustera said.

“The option is subject to Mustera undertaking due diligence on the property, however the purchase price has been agreed at $8.5 million.”

Mustera said the acquisition would be funded by a combination of equity and debt.

Mustera, formerly known as Mutual Street Property Group, was incorporated in March 2010 and changed its name in February last year, ahead of listing on the ASX.

Its directors are Nicholas Zborowski, Anthony Ho, Benjamin Young and Jack Spencer-Cotton.

Mr Zborowski was formerly managing director of Sydney-based development and investment company Quintessential Places.

The company has several properties under its portfolio, including 82 Belmont Avenue in Rivervale, a 4,031sqm parcel of land which it acquired in August 2012.

Mustera shares closed 1.8 per cent higher at 27 cents per share.