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Offshore investors, syndicators buy up

PERTH’S property market has had a busy start to the year, with offshore investors and local syndicators negotiating five purchases worth about $230 million.

The largest outright purchases were by two offshore investors, which have bought Herdsman’s largest office building and a historic shopping arcade in the city centre.

Syndicators Lester Group and GM Property Group have also been active, buying an office building in Belmont and a warehouse in Canning Vale respectively.

The fifth major deal to be announced this year was an internal Charter Hall transaction involving the sale of a 25 per cent stake in the Coles Distribution Centre at Perth Airport.

The largest deal was the $106.7 million purchase of the Optima Centre, an A-grade office complex in Herdsman with a net lettable area of 16,116 square metres across two buildings and 500 car bays.

The buyer was MGP Asien Spezialfonds, a German investment fund set up by private equity group MGPA to target purchases in the Asia Pacific region.

MGPA Australia director Hamish MacDonald said he expected increased investment demand for high-quality properties, leading to an attractive [supply-demand] dynamic and rental growth potential.

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Total combined value of current WA projects

30th-LandCorpNFP
31st-PerronNFP
32nd↓Lester GroupNFP
74 property - (built-form) developers ranked by total combined value of current WA projects ($)

Lots expected to be completed for sale, current financial year

18th↓PRM Property GroupNFP
19th↓Amex CorporationNFP
20th↓Lester Group100
21st↓Pindan Capital100
22nd↓GM Property100
39 property - land developers ranked by number of WA lots expected to be completed for sale, current financial year

Number of Employees

Property - (Built-form) Developers

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