Indigenous Business Australia, an organisation focused on economic independence for Aboriginal and Torres Strait Islander peoples, has acquired two service centres for $34 million.
Perth-based property investment group Security Capital Australia listed the assets, located 80 kilometres south of Perth on the Forrest Highway at West Pinjarra.
The properties, which were completed in 2017, sold on a combined yield of 6.35 per cent.
The identical service centres, which sit Midway Northbound and Midway Southbound, were sold with 20-year anchor leases to Caltex, and each comprise a food court and five tenancies, producing a net passing income of $1.9 million-$2.1 million per annum.
The 60,000sq m sites also offer around 25,000sq m of surplus land ripe for development subject to council approval.
Indigenous Business Australia has invested alongside Aboriginal and Torres Strait Islander peoples for more than 25 years.
Its investments program aims to facilitate economic independence for Indigenous Australians by enabling participation in a range of commercial investments.
Security Capital listed the properties as investors start to emerge from hibernation thanks to signs of strengthening in the state’s economy.
Western Australia’s economy increased by 1.9 per cent in 2017 to 2018, following six years of decline.
The mining industry accounts for 30 per cent of gross state product.
Dawkins Occhiuto director Chris Jones, Walter Occhiuto and Andrew Dawkins managed the expressions of interest campaign in conjunction with Savills’ Chris Ireland, Graham Postma and Paul Craig.
Jones said mining remains a significant economic driver in the state.
“And so with any increase in expenditure in the sector we see concomitant across the board growth and that includes the industrial and logistics sectors in particular,” Jones said.