Commonwealth Property Office Fund has announced two strategic asset acquisitions in Brisbane and Perth.

The Fund has entered into an agreement with Leighton Properties, who will develop and sell 145 Ann Street in Brisbane to Commonwealth Property Office Fund for $210 million. The development is already more than 65% pre-leased and will commence construction immediately with completion scheduled for early 2012.

The property is to be developed into a 27,820 square metre A-grade office tower over 28 levels with 1,110 square metre floor plates and 110 car spaces. The forecast initial acquisition yield is 8%. The sale price equates to a building rate of $7,549 per square metre.

Charter Hall Opportunity Fund No. 4 has contracted to sell its 50% stake of Alluvion located at 58 Mounts Bay Road in Perth following completion in April 2010 to the Fund for $95 million.

The tower comprises 21 levels of A-grade commercial office space with 22,395 square metres of net lettable area and car parking for 96 cars. Alluvion has been designed to achieve a 4 star Green Star Rating and a 4.5 star NABERS Energy rating.

The building is 100% leased to a range of high quality tenants including Clough, Northwest, Euroz, Savills and Cape Bouvard Investments (CBI). Lease terms rate from 7-12 years with a forecast WALE of 11.7 years. The remaining 50% stake in Alluvion is owned by CBI. The sale price equates to a lettable rate of $4,242 per square metre.