The property fund plans to refurbish the Federation-style retail building, after purchasing it from private investors.
Westbridge Funds Management has expanded its portfolio with the $10.5 million purchase of a partially vacant retail building in Busselton.
The Subiaco-based property fund purchased 36 to 38 Duchess Street from Aurjoe Pty Ltd and Franjack Pty Ltd, RP Data shows.
According to ASIC, the two entities are owned by members of the Romano family, of Perth and Queensland.
The two-storey Federation building includes 4,099 square metres of net lettable area on a 10,139sqm site.
It is about 50 per cent occupied, with Westbridge working on securing a tenant for the remaining space.
Westbridge Funds Management chair Damian Collins described the property, which will go into a single asset fund, as a “clear value-add opportunity”.
“While the current passing income reflects existing occupancy, our strategy is focused on unlocking the full potential of the asset through a substantial refurbishment and reconfiguration of the large vacant space,” he said.
“We see strong fundamentals underpinning Busselton, including population growth, tourism demand and ongoing infrastructure investment, which give us confidence in the long-term outlook.”
Mr Collins added that Westbridge planned to invest in upgrades of the property, which was initially built in 1906.
The purchase follows Westbridge’s recent investment in two industrial properties in Victoria for $62.5 million and its purchase of industrial and medical properties in South Australia and Queensland.
Knight Frank Australia’s Jonathan Wong brokered the deal for the Busselton property.
