Allens has advised an investor associated with Zone Q Investments Pty Limited (Zone Q), in relation to the purchase of Westralia Plaza from the Insurance Commission of Western Australia (ICWA) for $87 million.
Westralia Plaza, a 13-storey CBD office building located on St Georges Terrace, Perth, is the second in a suite of three premium office buildings ICWA has offered to the market.
Zone Q currently has a number of major inner city residential developments underway in Perth and the acquisition of Westralia Plaza expands the portfolio to include commercial property. Allens previously acted for the purchaser of the Forrest Centre – also offered for sale by ICWA – a few months ago.
Commenting on the transaction, lead partner Victoria Holthouse said the work builds on Allens' experience and profile in the WA property market.
'It is exciting to see new purchasers enter the Perth commercial CBD market with a commitment to the market.
'Zone Q is very keen to build on its commercial portfolio,' Victoria said.
Allens legal team
Lead Partner – Victoria Holthouse, Partner Real Estate; Karyn Thomson, Senior Real Estate Counsel; Alexandra Lanyon, Lawyer and Rachel Giudicatti, law graduate
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Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.