Primewest is diversifying its portfolio into agricultural assets, fresh from announcing it would spin-out five office properties in Perth and Brisbane into a new ASX-listed trust.
Primewest is spinning out five of its office assets in Perth and Brisbane into a new publicly listed fund, with the new trust's portfolio valued at around $285 million.
ASX-listed funds manager Primewest has acquired a Woolworths-anchored shopping centre in Mandurah for $32 million, following its $33.1 million acquisition of 66 Kings Park Road.
Warrington Capital Partners has made a tidy return on selling 66 Kings Park Road to Primewest, with the ASX-listed funds manager paying more than twice what Warrington did for the property in 2017.
Newly-listed property fund manager Primewest has added $45 million of new assets to its portfolio, with its newest fund acquiring a Coffs Harbour shopping centre and a logistics facility in South Australia.
Fini Group has been given the green light to restore Shenton Park's Victoria House, with the heritage-listed former hospital to become a retail and hospitality precinct which will be integrated with 81 new dwellings.
Rechabites Hall in Northbridge was officially relaunched as a 1,500-capacity, multi-use venue earlier this month, with the overhaul driven by former Artrage chief executive Marcus Canning.
Investors across Australia have backed Primewest's ambitions to expand its offering via an ASX listing, with the company confirming it has raised its targeted $100 million.
Primewest has expanded its US presence to more than $100 million worth of assets, acquiring a $13 million office building in San Diego as the developer and funds manager moves closer to its listing on the Australian Securities Exchange.
ASX-listed investment fund Centuria will acquire Warrington Capital Partners' William Square office building in Northbridge for $189.5 million, in the highest value commercial property transaction in Perth since December last year.
Leasing success at The Quadrant on William Street has continued a trend of city fringe and suburban tenants moving to the Perth CBD, while options for firms with large space requirements have become increasingly scarce.
Primewest has added seven-storey CBD office building ENI House to its portfolio for $86 million, amid fierce competition from local and overseas investors.
Singapore's GIC Real Estate has made its second major Perth commercial property purchase, acquiring A-grade office building Exchange Tower from joint owners Primewest and AMP Capital for $326 million.
The developer behind a long-running bid to build a 24-hour Puma service station in Dunsborough faces an uphill battle to get the project approved, after Western Australia's Court of Appeal overturned a Supreme Court ruling that gave it the go-ahead last year.
Listed investor Growthpoint Properties Australia has struck a deal to buy a Wellington Street office building, the latest deal off the back of a healthy sales pipeline for Perth's commercial office market.
Doing more with less is common practice for most businesses in an economic slowdown and the state's architects are no different, with many adapting and evolving their services to win work.
The state government has named Fini Group and TRG Properties, in partnership with Primewest, as the successful proponents for the first two development lots at LandCorp's infill project Montario Quarter, located at the former Shenton Park Rehabilitation Hospital site.
Foreign investors are making their mark on Perth, accounting for more than half of the purchases in the CBD office market in the past two years, according to Savills Australia.
The $216 million sale of Westralia Square and the purchase of the Quadrant building for $175 million have been the largest-value office transactions of 2017 thus far.
Analysis of spaces available for lease across the portfolios of Perth's 10 biggest office landlords shows stock market-listed groups are having the most trouble locking down tenants.
Construction firm Georgiou Group has won a contract to build Primewest's $31 million multi-storey office development in Joondalup, which will be occupied by state government departments.
SPECIAL REPORT: Local developer and syndicator Primewest joined the list of Western Australia's top three office landlords following its $113 million purchase of a 50 per cent stake in Exchange Tower.
SPECIAL REPORT: Perth's suburban office market is becoming as patchy as that in the CBD, with Joondalup and Fremantle emerging as the only upcoming opportunities for new developments.
