WA Fund Manager, Ascot Capital has acquired an office building in Port Macquarie for $37.9m, reflecting a yield of 6.5%.
The property was sold by the Sentinel Property Group who acquired it in 2017 for $20.6m on an 8.6% yield from the Clarence Property Group.
The latest sale was managed by JLL.
The 6,214sqm asset is split into two buildings with frontages to Buller Street and Waugh Street. The asset is fully leased to Essential Energy – Australia's largest electricity network operator with 15 year lease agreement (split into to 5 year leases with options).
Ascot Capital Limited is a Western Australian company specialising in property development and facilities management across Australia with approx $1.5bn in AUM. The current portfolio’s single largest investment property is Jandakot Airport which consists of 622 hectares of land with 225 hectares of aviation operations, 202 hectares of conservation land, and 200 hectares of mixed use land which is currently being developed and known as Jandakot City. Ascot Capital and the Kesh Group acquired the 99 year leasehold arrangement from the Commonwealth Government in 2005.
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