Prominent CBD retail site sells for $48 million

By WA Reception

A retail development site in the heart of Perth’s CBD has sold for $48 million.

The 1,705sqm site at 96 and 110 William Street, and 255 Murray Street Mall was marketed by RWC WA agent Brett Wilkins on behalf of JJ Leach Group who are releasing the property to focus on other developments.

The property comprises three tenanted buildings with a total floor area of 4,067sqm, and sold with a passing yield of 4.89 per cent.

Mr Wilkins said this was the biggest property sale in the Perth CBD so far this year.

“The site was sold to the Humich Group who have been in recent years the most significant purchaser of CBD retail property, and the adjoining owner on William St and Murray St Mall,” Mr Wilkins said.

“This property is at the epicentre of Perth CBD, located on the best retail corner city, with passing pedestrian traffic of 9.9 million annually.

“The site provides strong holding income with the current buildings occupied by both national and international tenancies.

“It provides great opportunities for development. Various development concepts and plans have been prepared highlighting the potential for a 10-level development with gross building area of over 12,000sqm.”

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