Perth Commercial Property News

Singapore’s GIC Real Estate has capped a busy year for office investors by backing the purchase of Perth’s Exchange Tower for $326 million with the sovereign wealth fund betting that resources cities will set the pace next year as it supports a Primewest-run vehicle aiming to capture this growth.

Dexus has struck major leasing deals in Perth’s improving property market and also tapped a branch of UTS as a prospective occupant for a building near Sydney’s Central station. 

The Future Fund is poised to exit about $850 million worth of retail property investments in Perth and on the Gold Coast as it capitalises its early moves in the sector made in the wake of the global financial crisis.

US hospitality giant Delaware North is looking to acquire the SkyCity Darwin Casino in a $175 million deal, down on the initial asking price of about $240 million. 

Singapore’s GIC Real Estate, AMP Capital and West Australian group Primewest are negotiating a deal that would see the sovereign wealth fund take almost full control of Perth’s Exchange Tower in a play that values the asset at close to $330 million.

The carve-up of late construction tycoon Len Buckeridge’s property empire is accelerating with Singapore’s Hiap Hoe positioning to buy his company’s Aloft Perth hotel, and an office complex, for more $100 million, as attention turns to his business holdings.

Supermarket giant Woolworths has sold a suburban shopping centre in Western Australia for a whopping $27 million.

The carve-up of late construction tycoon Len Buckeridge’s property empire has begun, with a major Asian group swooping on Perth’s newest five-star hotel, The Westin Perth, for about $200 million.

Singapore-listed Chip Eng Seng Corporation has sold the well-known White Sands Tavern site in Scarborough, clearing the way for a new group to undertake a development up to 18 storeys high in the Perth beachside suburb.