Gina Rinehart and Andrew Forrest at head of private capital charge for Perth city assets
Gina Rinehart has snapped up a West Perth office from Singaporean fund manager Mapletree in a $60m deal.
Private capital is leading a new wave of dealmaking in Perth, with tycoons Gina Rinehart and Andrew Forrest active and lower-profile players also buying assets.
Mrs Rinehart quietly picked up a West Perth office from Singaporean real estate fund manager Mapletree in a $60m deal. The purchase of the A-grade fringe office building at 53 Ord St could suit her expanding operations.
Completed in 2003, the six-storey building has a basement car park and two levels with external decks, and it also sits near Perth’s CBD.
In April, Tattarang, the private investment house controlled by the Forrest family, branched out into retail investment, buying Perth’s down-at-heel Carillon City centre for $80m with plans to revamp it into a world-class shopping precinct.
Tattarang’s property division, Fiveight, will lead the regeneration of the site. In a separate play, it has submitted a development scheme for the former Spicers Building site in the heart of Fremantle.
The 2834sq m site on the corner of William and Henderson streets, adjacent to the popular Fremantle Markets, is now a car park but once housed the city’s Spicer & Detmold building, which was demolished in the 1970s.
Private capital is leading a new wave of dealmaking in Perth.
Fiveight has submitted plans for a six-storey, 117-room boutique hotel with retail spaces and up-market amenities, including a rooftop terrace with swimming pool.
In one of the latest plays, the private Redgate Capital is targeting the purchase of London House at 216 St Georges Tce from property company Hawaiian for about $102m.
The building is one Perth’s best A-grade assets, with the buyer moving as vacancy rates in the CBD are at the lowest levels in 10 years.
Hawaiian picked up the complex for $28.555m in 1994. The 18-storey office tower, which spans 16,400sq m, has been well maintained.
London House is on a substantial 3268sq m parcel and there is excess plot ratio, setting up redevelopment prospects for the existing single-level retail component that fronts Hay St.
The building has a diverse array of tenants including listed companies, multinationals and local operators. It has floor plates of about 930sq m, with a central core and excellent natural light.
Agents JLL and Cygnet West and the parties declined to comment on the impending Perth property deal.
Brookfield is also selling 108 St Georges Tce with big players circling that 51-level A-Grade office space, chasing the landmark 38,332sq m tower. JLL and CBRE are handling the sale with hopes of about $350m.
Its success could spur more activity with the St Martins Centre, which has been put up for sale by its Middle Eastern owners, tipped to reap bids of more than $200m, via Savills.
