14/01/2020 - 12:22

Warrington makes solid profit on 66 Kings Park Road sale

14/01/2020 - 12:22

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Warrington Capital Partners has made a tidy return on selling 66 Kings Park Road to Primewest, with the ASX-listed funds manager paying more than twice what Warrington did for the property in 2017.

Warrington makes solid profit on 66 Kings Park Road sale
Warrington spent $6.5 million on a comprehensive refurbishment shortly after acquiring 66 Kings Park Road. Photo: Knight Frank

Warrington Capital Partners has made a tidy return on selling 66 Kings Park Road to Primewest, with the ASX-listed funds manager paying more than twice what Warrington did for the property in 2017.

Warrington today announced the transaction had settled at $33.1 million, a significant lift on the $16.1 million it paid for the building in 2017, according to CoreLogic’s RP Data.

Shortly after acquiring the six-level building, Warrington invested $6.5 million on a comprehensive refurbishment, which helped lift its occupancy rate from 20 per cent at purchase, to 100 per cent post-refurb.

Key tenants at 66 Kings Park Road include the Blockchain Centre co-working space and West Perth lunch hotspot Donnie Taco.

Warrington Capital Partners managing director David Zimmermann said the sale of the property marked the close of the company’s WPVAT I Fund, four years ahead of the original plan.

The deal, brokered by Knight Frank Australia, follows the fund’s sale of William Square in Northbridge for $189.5 million to Centuria in September last year.

“This was a highly strategic investment by WPVAT I Fund, and a strong example of the significant value created by Warrington’s approach of identifying and investing in undervalued assets and using its proprietary asset management strategies to generate returns for investors,” Mr Zimmermann said.

Warrington will continue to seek investment opportunities in Perth, Melbourne and Sydney, he said.

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