THE owners of Westralia Property Trust last week announced a profit of $850,000 for the last financial year, an increase of 170 per cent on the previous year’s profit.
The trust acquired its first commercial property at 166 Murray Street Mall this year for $60.6 million in line with a growth strategy aimed at diversifying income sources and increasing assets.
After selling several tourism aspects of the portfolio, Westralia now has a property portfolio of $112 million with commercial and retail compromising 54 per cent of the portfolio.
CEO Brett Jackson said the trust was delighted to have acquired arguably one of Perth’s best CBD assets, which is supported by both commercial and retail income streams through leases with the Federal Government and Woolworths.
He said that, in keeping with the corporate strategy of reducing the trust’s tourism weighting, the directors were continuing to work towards achieving this objective while growing the trust’s property portfolio.