Investor and syndicator Warrington Property has bought the former Oracle Building at 66 Kings Park Road, West Perth, for $16.1 million — about a third of the $46.5 million price paid by the previous owner, Tina Bazzo.
Ms Bazzo and her husband Allen Caratti are WA land developers. Mr Caratti has been in a long-running multimillion-dollar wrangle with the Australian Taxation Office over disputed tax debts and interest owed.
In an irony, Warrington, which also owns the Francis Street Northbridge building housing Mr Caratti’s nemesis — the tax office — has picked up 66 Kings Park Road for a bargain price in a deal negotiated by Knight Frank’s Todd Schaffer.
The four-level 3168sqm 66 Kings Park Road building has a whopping 75 per cent vacancy.
It lost its namesake tenant Oracle Corp to the city last year and also insurer Zurich (one-time building owner), which moved to next door to 58 Kings Park Road.
Both Oracle and Zurich used their moves to reduce their space. Oracle took up 506sqm on level nine of Charter Hall’s 225 St Georges Terrace last year in a deal negotiated by CBRE’s Luke Bray.
Ms Bazzo bought 66 Kings Park Road from bookseller Dymocks Properties (WA) Pty Ltd for $46.5 million in December 2007. Dymocks paid $14 million when it bought it from Zurich in January 2003.
Yesterday, Warrington director Chris Weaver said Warrington planned to spend $5 million upgrading the building, including refurbishing offices, toilets, lifts and common areas. It also planned to add new end-of-trip facilities and a new tenant breakout area.