Primewest has snapped up two high-profile Western Australian commercial assets with an eye on capital growth, acquiring a high profile office building at 66 Kings Park Road in West Perth and a Woolworths anchored shopping centre in Mandurah.

Primewest 66 Kings Park Road Trust paid $33.1 million for the office building which is located in Perth’s most highly regarded inner-city suburb and $32 million for the Mandurah Greenfields Shopping Centre.

Comprising a land area of 3168 square metres, with a current floor area of 4700 square metres, the office building recently underwent a $6.5 million refurbishment and is 100 per cent leased, with tenants including Zurich, Konica Minolta, Minjar Gold, Redwood Wealth Alliance and the cool café, Donnie Taco.

At a glance:

• Primewest has announced the acquisition of two prominent commercial assets in Western Australia.
• The fund management company paid $33.1 million for a West Perth office building and $32 million for the Mandurah Greenfields Shopping Centre.
• Primewest Executive Chairman John Bond said both assets would provide strong cash distributions and solid capital growth for investors.

It also features future redevelopment potential of approximately 1,970sqm of residential accommodation, with a view of Kings Park outlook.

Primewest Diversified Income Trust No4 purchased the Mandurah Greenfields Shopping Centre, which is anchored by a strong performing Woolworths supermarket and BWS liquor store with a 3.3 per cent sales growth over the past 12 months - well above comparable supermarkets in the area. 

The centre was built three years ago and sits in a rapidly expanding residential catchment area with a population growth of 1.7 per cent pa expected over the next 10 years and a projected retail spending growth rate of 4.3 per annum. 
 
Primewest Executive Chairman John Bond said both assets would provide strong cash distributions and solid capital growth for investors.

“Both of these assets are consistent with Primewest’s objectives of counter-cyclical investing and identifying strong, value-add opportunities,” Mr Bond said.

“The office building at 66 Kings Park Road is a high-quality asset that is well-positioned to benefit from the anticipated improvement in the Perth office market and resources sector while Mandurah Greenfields has exceptional growth potential,” he said.

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