This article is from the Australian Property Journal archive
SINGAPORE's Far East Organization has acquired the Harbour Town Perth for $205 million from Lend Lease's APPFR and the Future Fund.
Jones Lang LaSalle’s Simon Rooney negotiated the sale.
The asset was highly sought after with CFS Retail Property Trust, Dexus Property Group and LaSalle Investment Management just some of the players vying for centre.
“This sale marks Far East Organization’s second major investment into Australia after reportedly purchasing the Clock Tower in Sydney for $72 million recently.
“Offshore investors are still significant participants in the retail property investment market and have been quite competitive in their approach to securing top assets in Australia.
“The proportion of offshore buyers reached 22% in the year to Q3 2013 compared to 11% in 2012, and is significantly higher than the 10 year long-term average for the retail sector of 10%,” Rooney said.
Harbour Town Perth services a total trade area of 1.92 million residents, a worker population of 121,503 and a robust tourism spending market with 11.8 million visitor nights spent in inner Perth.
Located at 840 Wellington St West Perth, 1 kms from the Perth CBD, it was originally developed in 2003 by the Lewis Land Group in joint venture with ING Real Estate Development Australia.
Set on a 1.9 ha site, the two level centre has a gross lettable area of approximately 21,238 sqm with approximately 120 outlet stores.
Property Review
