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Singapore-based Wee Hur Holdings plans to purchase an office warehouse building at 89-109 Gray Street in Adelaide, Australia, and subsequently convert it into a purpose-built student accommodation, it said in an SGX filing on Tuesday (28 March).
The 26,544 sq ft freehold site, which has redevelopment potential for multiple uses, is located between the main thoroughfares of Currie Street and Waymouth Street in the north-western quadrant of Adelaide’s Central Business District.
Wee Hur intends to pay AU$5.995 million (S$6.36 million) in cash plus goods and services tax (GST) for the property. The consideration, which will be funded by internal resources, was arrived at following arm’s length negotiations on a willing buyer, willing seller basis.
Since the 1970s, the property has been occupied by its owner, James Richardson Wines & Spirits, but it will be handed over with vacant possession after the completion of the transaction.
Specifically, the site will be acquired by Wee Hur PBSA Master Trust via a newly created sub-trust, WH Gray Street Trust, with the Trust Company (Australia) serving as the latter’s trustee.
The proposed acquisition is not expected to have a material impact on the earnings per share and net tangible assets per share of Wee Hur Holdings for the current financial year ending 31 December 2017.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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