Far East Organization has secured conditional contracts to purchase two commercial properties in Australia – the Clocktower Square complex and Harbour Town Centre – with Jones Lang LaSalle as the marketing agent. The move is part of Far East’s expansion and diversification strategy.
Purchased for A$72 million (S$85.5 million), the mixed-use Clocktower Square complex features a six-storey office tower, two-level retail shopping centre, 61-room boutique Rendezvous Stafford Hotel and 138 car parking spaces. Situated within Sydney’s central business district, the development is close to transport, leisure and commercial amenities and has a history of strong occupation and quality tenancy.
Meanwhile, the 213,567 sq ft Harbour Town Centre was acquired for A$205 million (S$243.4 million). The two-storey freehold development is located along Wellington Street, one kilometre west of Perth’s central business district. A popular outlet shopping centre, Harbour Town Centre comprises 120 tenants.
Subject to approval from relevant authorities, the deals for Harbour Town Centre and Clocktower Square complex are expected to be completed on 29 November and 6 December respectively.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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