Stamford Land Corp’s wholly owned subsidiary, the trustee of Dynons Perth (2010) Trust, has disposed of a property down under to Redhill Partners Investment for A$67.8 million ($68.6 million).

The property, known as Stamford Green and formerly Dynons Plaza, was previously leased to oil major Chevron.

The property consists of a 14-storey commercial office building and three adjacent heritage premises and is located at the western end of Perth, Central Busines District (CBD).

The disposal was completed on Dec 29.

SEE: Overall sector winner Stamford Land leads in earnings growth as well

Get the latest Singapore corporate news stories for FREE

According to Stamford Land, the commercial office building has been vacant following the expiry of Chevron’s lease in April 2020.

The vacancy, it says, is due to the poor leasing conditions and high vacancy in the Perth CBD area, which was further compounded by the Covid-19 pandemic.

Stamford Land says the divestment allows the company to redeploy the proceeds to other investments that meet its objectives.

“The group intends to reinvest the net sale proceeds in any opportunities that presents itself in the future,” says the company.

Stamford Land was last traded at 31.5 cents on Dec 29.