The Straits Trading Company announced on Dec 7 that it is acquiring an office building in Perth’s CBD for A$54.2 million ($55.7 million). With the ongoing development of Elizabeth Quay less than 300m from the office building, it is “well positioned to benefit from the continuing rejuvenation of Perth’s city centre”, says Straits Trading.

This is in line with the company’s strategy to redeploy capital from its existing property portfolio of low-yielding, high-quality investment properties to real estate of potentially higher returns.

Located at St Georges Terrace, the 11-storey office building with two basement levels is within walking distance of transport nodes such as the Elizabeth Quay and Perth railway stations, the Perth underground station, as well as the Elizabeth Quay bus station, says Straits Trading. In addition, the development is close to retail and dining amenities, which includes the Hay Street malls and the Cathedral and Treasury Precinct.