Perth Commercial Property News

Woolworths has sold a suburban Perth shopping centre for $27.3million, but in a lucrative win for the new owners the supermarket giant could stay on as a tenant for another 60 years.

Shopping centre landlords are again turning to the residential market to bolster returns from their projects with several major companies planning apartment towers above or around their developments.

Singapore-based Redhill Property Partners is heading the field of bidders for Perth’s BGC Centre, which is being sold by the family of late tycoon Len Buckeridge for about $110 million.

The funds arm of property group Dexus is planning an elevated garden and sky lobby as part of a $200 million plan to transform Perth’s Carillon City shopping centre and create a new lifestyle precinct in the heart of the CBD.

Andrew “Twiggy” Forrest, whose net worth reached $10 billion this week for the first time, has embarke­d on an unprecedented spending spree — on iconic waterfront properties, a new private mansion and countless charitable ventures — that will define his legacy and leave his mark on Perth.

Perth high-profile retail and commercial spot The Colonnade has sold to local property fund manager Realside for $37.85 million.

Co-working company WeWork has forayed deeper into the WA capital, taking a 15 year lease in a building in the Perth suburb of Northbridge.

Luxury jewellery brands Tiffany & Co and Kailis Jewellery are among high-end retailers taking up space in Charter Hall’s Raine Square development in Perth.

Listed retail property group Vicinity Centres has added to the pile of shopping centres on the block, with an estimated $11 billion worth already up for grabs, by putting Perth’s Midland Gate shopping centre up for sale for about $650 million.