Roxy-Pacific Holdings Ltd announced a joint investment by its indirect subsidiary, Roxy NF Pty Ltd, and HostPlus, an Australian-based superannuation fund, with the acquisition of land at 54 and 85 Bracks Street, North Fremantle, Western Australia (below), for a total of A$59 million ($63.3 million). The two properties have an aggregate land area of approximately 489,284 sq ft and are currently zoned for industrial use by the authorities.

The JV partners intend to engage a development manager to engage in remediating and rezoning the land for commercial and residential uses. The two properties are adjacent to the prime Leighton beach area and a train station in North Fremantle, with direct transportation links to the Perth CBD. The acquisition will be Roxy-Pacific’s fourth investment in Australia.