AUSTRALIAN Securities Exchange-listed diversified property group, Stockland Ltd, has bought two adjacent St Georges Terrace boutique office buildings for $26.1 million. The four-level building at 267 St Georges Terrace houses tenants including Promet Engineers, Amcon Solutions Group and Advanced Well Technologies, while 255 St Georges Terrace is currently leased by recruitment firm Drake International. The purchase of both office buildings secures a high-profile St Georges Terrace presence for Stockland at a time when vacancy rates in the Perth CBD are less than 1 per cent. The Sydney-based property group has been active in the Western Australian commercial market in the past 12 months. In May, Stockland acquired the Unisys West building on Havelock Street, West Perth, for $28.75 million, following its acquisition of 50 per cent of the BankWest Tower for $134 million in December 2006. Stockland also owns the Durack Centre, where it is undertaking a $30 million four-storey office development, and a 50 per cent stake in Exchange Plaza. It also owns half of the Riverton Forum shopping centre. Stockland’s newest acquisitions take its WA portfolio to more than $400 million.
