WA assets among $140m portfolio sale

Privately owned property group Canute Investments has launched a $140 million national asset sell-off, including a shopping centre in Perth’s northern suburbs, commercial properties in West Perth and Ellenbrook, and a large residential portfolio.

Commercial agency CBRE has been appointed to handle the portfolio sale.

According to Australian Securities and Investments Commission documents, Canute Investments Limited is the Australian arm of a UK-based company of the same name.

ASIC records show only one Perth-based director for Canute in Arthur Marshall, who is listed as a resident of Mosman Park.

CBRE said the company’s Australia-based directors were retiring, necessitating the asset sell-off.

Canute’s WA assets up for sale are highlighted by the Carramar Village Shopping Centre, a 5,294 square metre neighbourhood shopping facility anchored by a Woolworths supermarket.

CBRE metropolitan investments director Ben Younger said the residential portfolio consisted of 84 homes built between 2001 and 2016, featuring a fully leased gross income of $1.5 million.

Mr Younger said the homes, which are 85 per cent occupied and located across six metropolitan area suburbs, would be offered as a collective sale alongside a property management business.

The properties vary from single dwellings to a range of units and townhouses.

“The opportunity presents a collection of well-built and maintained homes, affording a significant income stream with genuine future rental and capital growth potential,” Mr Younger said.

The West Perth office building is located at 13-15 Rheola Street, a three-storey, 2,591sqm building that is 44 per cent occupied.

BCI Minerals is the anchor tenant at the building, which is in a location identified with potential for high-density residential development under the City of Perth’s draft planning policies.

“The office building offers exceptional value-add potential with residential/commercial zoning and proximity to government and medical operators, giving it huge potential for a variety of end uses,” Mr Younger said.

The final WA asset in the portfolio is a fully occupied building located at 40-42 Coolamon Boulevard in Ellenbrook, which brings in an annual income of $97,855.

Canute is also seeking to sell two shopping centres, located in the regional Queensland towns of Logan Village and Ormeau.

CBRE retail investments director Richard Cash said the team appointed to handle the sale was expecting significant interest from locals and offshore investors, which are increasingly interested in WA assets in particular due to a rebounding economy.

“These market conditions, combined with the compelling investment fundamentals of these properties, are expected to ignite interest from local WA investors, national groups and offshore parties,” Mr Cash said.