Cape Boulevard has held the assets for 10 years. All of the properties are fully leased save for a small availability in one of the properties. Cape Boulevard deputy chairman Peter Sarich says the portfolio was not officially for sale.
The company decided to sell after receiving "numerous unsolicited approaches over the past 12 months," Sarich says. GE was chosen as the buyer after it submitted "favorable and timely settlement terms," he says.
Jason Kougellis, director of Australian investments for GE, says it won the deal by "quietly negotiating within a very tight timeframe" and making "a clean cash offer that met the critical requirements of the vendor."
Paul Craig of Savills in Perth brokered the transaction. Craig says the portfolio is "a rare find" due to its size, quality and core locations. The three larger buildings also have well positioned retail and food court areas, he says, which is an added attraction because CBD retail vacancies are at their lowest point for many years.
The portfolio includes:
- Allendale Square, 77 St. Georges Terrace, Perth, a landmark tower in the Perth CBD that sits adjacent to 81 St. Georges, which also is owned by GE. The building has 31 levels, a net leasable area of 301,400 sf including a major food court, retail arcade and 109 car spaces.
- 12 the Esplanade, Perth, a boutique-style seven-level commercial property facing toward the river. The property has a net leasable area of 86,112 sf as well as a 145-slip, five-level car park.
- 99 Walker St., North Sydney, a 20-level corner office building with a net leasable area of 189,500 sf. The building is convenient to major transportation nodes, has 282 parking spaces and a food court.
- 90 Collins St., Melbourne, a 21-story building with a net leasable area of 228,200 sf including two high-end retail spaces fronting Collins that are fully leased on a long-term basis. Located at the premium business end of Collins, the building also has 114 parking spaces.
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