Press Release , 27 May, 2005.

Regional offices sell for $13.5m

Two significant investment properties in Bunbury and Midland have sold for a combined $13.75million, with selling agent DTZ Australia claiming it as one of the bigger sales outside the Perth central business district this year.

The properties were sold by the not-for-profit Eastern Region Business Enterprise and Art's Centre to Melbourne-based fund Australian Public Trustees.

The Midland holding included two buildings in the local city centre fronting separate streets.

The Keane Street building is a near-new Centrelink building of 1550sqm, with a seven-year lease and three options of three years. There is also a public carpark.

Behind Centrelink is the second building, a two-level building called Stafford Court, with 2609sqm of floor space. It will be leased back to the arts centre for a five-year term from settlement.

The two buildings generate a net rent of about $735,000 a year.

The Bunbury holding is a new building in Wellington Street and is fully leased to Centrelink, which has a new 10year lease generating annual net rent of about $700,000.

The building covers 3200sqm, with two levels of office and 50 secured undercover parking bays. It is used by Centrelink as a call centre.

The site, in the heart of the local city centre, is leased from the City of Bunbury.

ERBEAC president Mel Congerton said the sale proceeds would allow the group to focus on its core services of business incubation.

DTZ Australia joint managing director Brad Carey said the properties attracted strong interest with at least 50 per cent of inquiries from the Eastern States.