Perth retail building sells for $35.25M

A Perth CBD retail property has sold for $35.25 million, representing the largest CBD retail transaction of the year.

Situated in the popular shopping precinct along Murray St Mall, the property comprises 3,000sqm of lettable area and is 100 per cent leased to leading international retailer, Zara, and national fashion retailer, City Beach.

RWC WA agent Brett Wilkins handled the sale on behalf of a private investor to national property investor and developer Cosgrove Property (formerly PWD).
“The property is located centrally in the heart of Perth’s busiest shopping precinct with significant exposure to year-round foot traffic,” Mr Wilkins said.

“The property benefits from its proximity to by being a short walk from Australia’s largest fashion retailers and internationally recognised brands such as Sephora, Foot Locker, Cotton On, MYER, David Jones, H&M, and UNIQLO.

“This is arguably the best retail location in the Perth CBD. The land was formerly part of Carillion City until 2010 before it was sold off and developed into a two-level retail property in 2014.”

Banjo Bond, a founding director of Cosgrove Property said: “This is an irreplaceable asset located in the central shopping district of the Perth CBD, with income underpinned by major national and international tenants. The property is set to benefit from its proximity to the new ECU CBD campus which is due for completion in 2025 and will bring 10,000 new students and staff to the area.”

This transaction follows the sale of 110 William Street by Brett Wilkins in late 2023 for $48 million, highlighting the value investors see in Perth’s CBD retail precinct.