Bond behind Perth’s biggest city retail deal this year

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Bond down Perth’s biggest metropolis retail woody this year

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

Situated successful the fashionable buying precinct on Murray St Mall, the spot comprises 3,000sqm of lettable country and is 100 per cent leased to planetary retailer, Zara, and nationalist manner retailer, City Beach.

Cosgrove paid $35.25m for the spot astatine 223-225 and 227 Murray Street.

Ray White Commercial WA cause Brett Wilkins handled the merchantability connected behalf of a backstage capitalist to nationalist spot capitalist and developer Cosgrove Property (recently rebranded from PWD) which was founded by Alan Bond’s grandson Banjo Bond.

“The spot is located centrally successful the bosom of Perth’s busiest buying precinct with important vulnerability to year-round ft traffic,” helium said.

“The spot benefits from its proximity to by being a abbreviated locomotion from Australia’s largest manner retailers and internationally recognised brands specified arsenic Sephora, Foot Locker, Cotton On, MYER, David Jones, H&M, and UNIQLO.

“This is arguably the champion retail determination successful the Perth CBD. The onshore was formerly portion of Carillon City until 2010 earlier it was sold disconnected and developed into a two-level retail spot successful 2014.”

Banjo Bond, a founding manager of Cosgrove Property, said the spot was an irreplaceable plus located successful the cardinal buying territory of the Perth CBD, with income underpinned by large nationalist and planetary tenants.

“The spot is acceptable to payment from its proximity to the caller Edith Cowan University CBD field which is owed for completion successful 2025 and volition bring 10,000 caller students and unit to the area,” helium said.

This transaction follows the merchantability of 110 William Street by Wilkins successful precocious 2023 for $48 cardinal which helium said highlighted the worth investors spot successful Perth’s CBD retail precinct.

Cosgrove’s spot portfolio includes a 23,400sqm retail centre successful Midland that is leased to Officeworks, Good Guys, JB HiFi, Adairs, Baby Bunting and Nick Scali.

It besides purchased 65,000sqm of premier concern onshore successful Midvale which volition beryllium progressively redeveloped arsenic existing leases expire.