This article is from the Australian Property Journal archive
LOOKING to focus on other projects, JJ Leach Group has divested a retail development site in the heart of Perth’s CBD, netting $48 million in one of the city’s biggest deals of the year.
The 1,705 sqm site, at 96 and 110 William Street and 255 Murray Street Mall, comprises three tenanted buildings with a total floor area of 4,067 sqm. It sold with a passing yield of 4.89%.
RWC WA agent Brett Wilkins sold the property.
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 Street and Murray Street Mall,” 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.”
Last year the Humich Group bought the Hungry Jack’s store at 92 William Street for $10 million, on a 4.85% yield. Elsewhere in the CBD, it has plans for a $160 million, 22-storey tower in Barrack Street.
As for its latest acquisition, Wilkins said the site “provides great opportunities for development”.
He said various development concepts and plans have been prepared, highlighting the potential for a 10-level development with a gross building area of over 12,000 sqm.
