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 international retailer,Zara,and national fashion retailer,City Beach.
Cosgrove paid $35.25m for the property at 223-225 and 227 Murray Street.Supplied
Ray White Commercial WA agent Brett Wilkins handled the sale on behalf of a private investor to national property investor and developer Cosgrove Property (recently rebranded from PWD) which was founded by Alan Bond’s grandson Banjo Bond.
“The property is located centrally in the heart of Perth’s busiest shopping precinct with significant exposure to year-round foot traffic,” he 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 Carillon 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 the property was 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 Edith Cowan University CBD campus which is due for completion in 2025 and will bring 10,000 new students and staff to the area,” he said.
This transaction follows the sale of 110 William Street by Wilkins in late 2023 for $48 million which he said highlighted the value investors see in Perth’s CBD retail precinct.
Cosgrove’s property portfolio includes a 23,400sqm retail centre in Midland that is leased to Officeworks,Good Guys,JB HiFi,Adairs,Baby Bunting and Nick Scali.
It also purchased 65,000sqm of prime industrial land in Midvale which will be progressively redeveloped as existing leases expire.
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