A Perth CBD retail property located along Murray St Mall has sold for a staggering $35.25 million, marking it as the largest CBD retail transaction of the year. The property, which spans 3,000sqm of lettable area, is fully leased to international retailer Zara and national fashion retailer City Beach. The sale was handled by Ray White Commercial WA agent Brett Wilkins on behalf of a private investor to national property investor and developer Cosgrove Property, which was founded by Banjo Bond, the grandson of Alan Bond. The property is strategically located in the heart of Perth’s busiest shopping precinct, surrounded by major fashion retailers and international brands, making it a prime retail location in the Perth CBD.
Banjo Bond, a founding director of Cosgrove Property, expressed that the property is an irreplaceable asset situated in the central shopping district of the Perth CBD, with income secured by major national and international tenants. He also highlighted that the property is poised to benefit from the upcoming completion of the new Edith Cowan University CBD campus in 2025, which is expected to bring 10,000 new students and staff to the area. This influx of people is anticipated to drive further foot traffic to the already bustling shopping precinct along Murray St Mall, enhancing the retail appeal of the property even further. The property’s strategic location and strong tenant mix position it as a lucrative investment opportunity in the evolving landscape of Perth’s CBD retail sector.
The property at 223-225 and 227 Murray Street was part of Carillon City before being sold off and redeveloped into a two-level retail property in 2014. With its prime location and high visibility to year-round foot traffic, the property benefits from its proximity to Australia’s largest fashion retailers and internationally recognized brands such as Sephora, Foot Locker, Cotton On, MYER, David Jones, H&M, and UNIQLO. This enviable position in the heart of Perth’s bustling shopping precinct contributes to the property’s strong leasing performance and solid tenant profile, making it an attractive investment opportunity for national property investors and developers like Cosgrove Property.
The $35.25 million sale of the Perth CBD retail property represents a significant transaction in the local commercial real estate market, signaling confidence in the resilience and attractiveness of prime retail assets in the city. The successful sale underscores the enduring appeal of well-located retail properties leased to established national and international tenants, as they continue to draw interest from investors seeking stable income streams and long-term capital growth. The transaction also reflects the ongoing evolution of Perth’s retail landscape, with the upcoming development of the new Edith Cowan University CBD campus expected to further enhance the retail dynamics in the area, adding to the property’s value proposition as a strategic investment in a vibrant and growing market.
Overall, the sale of the Perth CBD retail property at 223-225 and 227 Murray Street for $35.25 million represents a milestone transaction in the local commercial real estate market, highlighting the enduring appeal of prime retail assets in key shopping precincts. With its prime location in the heart of Perth’s bustling shopping district and a strong tenant mix that includes leading national and international retailers, the property offers a compelling investment opportunity for investors seeking stable income streams and capital growth potential. The property’s strategic position, surrounded by major fashion brands and near key attractions, positions it as a valuable asset with significant potential for growth and profitability in the evolving retail landscape of the Perth CBD.
