AUSTRALIA – Mustera Property Group Ltd (ASX:MPX) announced that it has entered into an unconditional contract to acquire 15 McCabe Street, North Fremantle.
In a statement to the Australian Securities Exchange, Mustera said the property is situated in a prestigious residential area with extensive frontage to McCabe Street and has a panoramic river and ocean views.
The property is zoned “Development” and will suit residential or mixed use development.
Improvements include a modern two level office and warehouse building on a 2,398 square meter site. The office comprises approximately 1,892 square meter and the warehouse approximately 354 square meter.
Mustera has negotiated the purchase of the property for a price of USD5.4 million with the intention to retain the site as an investment property with the future redevelopment potential for apartments and townhouses.
The property is due to settle on 24 June 2016 and will be funded by a combination of equity and debt.
“The property will be acquired by Riversea Property Holdings Pty Ltd, a wholly owned subsidiary of Mustera,” the company said. – BusinessNewsAsia.com