Australian Property Journal: Arcana targets Kalgoorlie industrial
FORMER Queensland Premier and Senate candidate Campbell Newman’s Arcana Capital has acquired an industrial and engineering workshop in Western Australia’sKalgoorlie for $10.9 million.
Purpose-built last year, the 65 Carnegie Street property is tenanted by Pacific Energy, awholly-owned subsidiary of Queensland Investment Corporation. Its 10-year leaseexpires in June 2031.
Pacific Energy deals in the design, delivery, and implementation of power-generatingassets in the remote energy, distributed energy resource, and renewables sectors.
The property has a net lettable area of 4,460 sqm and includes a large workshop facilitywith two 20-tonne gantry cranes, office, warehouse, 44 car parks, and substantialconcrete hardstand, on a total allotment of 20,236 sqm across three adjoining lots.
Arcana Capital has this year acquired an industrial and engineering workshop in KayiliRoad, Kalgoorlie for $8.15 million, a medical and allied health property in Queensland’sMackay for $6 million, and an industrial workshop in Mackay for $3.5 million.
Arcana Capital manager – investor relations, Colby Phillis, said that the investment in theasset was particularly driven by Kalgoorlie’s position as a key centre for mining andprocessing of new economy minerals.
“Kalgoorlie is in one of the most resource-rich areas of the world with Western Australiaset to become a world leader in renewable energy and distributed energy resourceprojects,” Phillis said.
“With a secure tenant, this purpose-built brand new workshop was very appealing to ourinvestors with our wholesale fund being well over-subscribed.”
Since establishment in 2015, Arcana has acquired and managed 28 properties worth$180.56 million, and raised over $100 million in investor equity. Its investment portfoliofeatures fuel stations, retail, office and industrial properties in Queensland, South Australia, Tasmania and Western Australia.
In June, it offloaded a fully leased retail centre on Bribie Island for $9 million, six yearsafter it paid $7.3 million for the asset.
This article originally appeared in the Australian Property Journal.