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ASX-listed Elanor Investors Group has paid $125 million for WorkZone West, a commercial office campus north of Perth's CBD.
The active investment group established a new managed fund to make the purchase, the "WorkZone West Syndicate".
The Elanor Commercial Property Fund will invest approximately 51 per cent of the syndicate equity alongside new capital partners.
Part of a pair, WorkZone East and West were developed by Charter Hall in 2013.
Last year, Charter Hall sold WorkZone East for $68.25 million to Sydney property house CorVal Partners.
The 15,602sq m modern office building located at 202 Pier Street, currently has a weighted average lease expiry of more than seven years and a half years.
“We are pleased to have secured this high-quality office building for our investors," Elanor chief executive Glenn Willis said.
“This investment represents excellent value for our capital partners and highlights Elanor’s ability to originate and execute on high investment quality assets across the country.”
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The property has large floor plates at 2,443sq m and substantial amenity including end of trip facilities, quality ground floor food and beverage offerings and parking for up to 140 cars.
“The acquisition is attractive for many reasons,” Elanor’s co-head of real estate David Burgess said.
“The property is a high quality office building located in an emerging fringe CBD location, offering some of the largest floor plates in Perth.
"We are pleased to have made this investment in the recovering Perth commercial real estate market.”
WorkZone West sits adjacent to McIver train station and was brokered by Savills.
Elanor will now push its property empire to more than $1.25 billion in assets.
Just recently, Elanor paid $43.75 million for the Belconnen Markets in the ACT and $35 million for the Campus DXC complex in Adelaide’s Felixstow.
Settlement of WorkZone West is expected to occur at the end of July 2018.
