Perth, 26 February 2015 – A local investor has gained an $11.5 million foothold in the established industrial precinct of Myaree with the purchase of a well-known laboratory and diagnostic facility on McCoy Street.
The 9,802sqm property at 74 McCoy Street consists of a 3,608sqm single level office style building comprising consulting rooms, reception, laboratory and diagnostic type accommodation.
Ascot Capital Limited, which is selling the asset on behalf of its wholesale syndicates, said it was a bittersweet decision to sell.
“It is always a difficult decision to sell quality assets, but we felt an opportunity to recycle capital showing an IRR in excess of 20% to our syndicate was appropriate,” Ascot Capital Director Greg King said.
The property is currently occupied by Western Diagnostics Services, a division of public listed company, Primary Health Care Limited, for a further six years with options.
CBRE Director, Industrial & Logistics Services, Geoff Fraser, who negotiated the sale on behalf of McCoy Street Perth CT Pty Ltd, said the property’s secure tenancy and large land holding were the major selling factors.
”It’s quite rare for large land holdings such as this within the Myaree commercial precinct to become available,” Mr Fraser said.
“Myaree is a uniquely located commercial area, which is undergoing a huge transformation. New developments are taking shape, particularly on the main arterial roads.”
Mr Fraser attributed strong buyer interest in the property to its attractive tenant profile and premium location.
“This property represented an attractive and secure investment opportunity to acquire a quality asset fully leased to a reputable tenant,” Mr Fraser remarked.
“The buyer was also attracted to the central location, being only 11 kilometres south-west of the Perth CBD and situated in the heart of the established Myaree commercial precinct.”
The property benefits from 74 metres frontage to McCoy Street with secondary street frontage to Spargo Street and located in close proximity to Leach Highway.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
