Whole-of-building lease with Commonwealth Government tenant secured for West Block / 17 May 2023

Oceana Property Partners and Precept Property Partners is pleased to announce that it has signed a whole of-building lease with a Commonwealth Government tenant on a 12-year term. This deal marks a significant milestone for the West Block project.


“We are thrilled to have secured this leasing deal with the Commonwealth government,” said Grant Traub, CEO of Precept Property Partners. “This is a testament to the hard work and dedication of our team and the quality of our building, its location and the refurbishment program being undertaken.”

Kalen Foster, Head of Investments at Precept Property Partners added, “Given the asset’s long and storied history with the Commonwealth, we couldn’t be happier to see the building becoming the long-term home for this department. This is a great achievement for the team, and we are excited to continue working with our partners and the tenant to deliver this high-quality project.”

David Lewis, CEO of Oceana Funds, added, “We are delighted with this outcome, which represents a significant milestone for Oceana Property Partners – exceeding our underwriting thesis and set to deliver superior risk-adjusted returns for our investors.”

Precept and Oceana would also like to acknowledge the great work of Aaron Bruce and his team at Colliers who acted as the leasing agent for this deal.

For more information about Precept Property Partners and Oceana Property Partners West Block project in Canberra, please visit our website at www.westblock.com.au