Perth based property group Ascot Capital has acquired the West Perth building 1 Havelock Street for $30 million.

The building was owned by Stockland, which revealed the sale yesterday as part of its first-half profit result.

Ascot director David van der WaJt said it was "a nice investment" for the group, which was on the hunt for property.

He said Ascot was looking at the Sydney and Melbourne markets and particularly liked the Adelaide market.

The Perth property was sold on an initial yield of 92 per cent through agents John Williams of Jones Lang LaSalle and Peter Agostino ofCB Richard Ellis.

Mr Van der Walt said the group liked the position of the building and its tenant profile.

It is fully leased and international engineering and environmental services group Golder Associates occupies n per cent of the building. Ascot also plans to upgrade the A -grade building.

Stockland purchased the building in 2007 for $28.8m and as at June 30 last year, the property had a book value of $3l2m.

by: Katherine Jimenez