After purchasing the property for $29.25m in 2015 it was subsequently sold for $49m.

The property is home to two long-term, established tenants in Bunnings Baldivis and Petstock and has total gross lettable area of 15,443sqm and a site area of 34,000sqm.

Acure Managing Director Angelo Del Borrello said that the sale made good sense for investors in Acure’s Hammersley Unit Trust, especially in light of market conditions and historically low interest rates.

“Suffice to say, our investors are very happy with this outcome, and we are pleased to have negotiated this sale for them.” Mr. Del Borrello said.

“This journey was not without challenge, as when we purchased the property back in 2015 via our Hammersley Unit Trust, it was originally a Masters Home Improvement site, and that business exited the market late in 2016.

“The culmination of this sale speaks to many things, but importantly our ability as an Asset Manager to navigate the challenges that can arise in the commercial leasing space.

“When Masters exited the Market, we were able to negotiate a new lease agreement with Bunnings to come into the space, which was absolutely critical for our investors.”

Mr. Del Borrello said investor internal rate of return equated to 17.6% p.a. describing it as an exceptional outcome for Acure’s investors.

Barney Dear of Savills Australia facilitated the off market transaction, which garnered a record yield for WA.

“Generally, we are seeing significant investor appetite for long WALE retail assets in WA and nationally” he said.