AWAY from the mining and tourism projects more akin to WA’s regionally dispersed Aboriginal population, two local groups are successfully finding their feet in the metropolitan commercial property market.
In November last year the Perth Noongar Foundation, the Country Noongar Foundation and their partner Indigenous Business Australia, purchased a five-storey West Perth commercial property for about $11 million.
While Indigenous property holdings are not new, the Colin Street investment makes sense in that it recognises Indigenous business skills still have a few years to go.
“We have only entered into a passive investment at the moment because we wanted to be sure we could get the thing off the ground,” Perth Noongar Foundation chairman Cedric Jones said.
Although still five to seven years away from repaying loan commitments the property, which is somewhat of a first for a WA indigenous community, is proving successful.
Occupancy rates have increased from 75 per cent to 100 per cent and high- profile clients such as AMP have been netted.
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