Perth CBD’s London Court owners sitting ‘on a gold mine’
Sellers of Perth’s charming Tudor-inspired arcade, London Court, have been swamped by enquiries after the heritage precinct was listed for sale for the first time in 70 years.
The much-loved, open-air arcade, which runs between St Georges Terrace and the Hay Street Mall, hit the market in late April, prompting speculation it would sell for “millions” and undergo significant redevelopment.
Colliers Director of Agency Ian Mickle said he had been inundated with interest in the landmark site, but it was too early to postulate about future uses or how it may be transformed once sold.
He also refused to pre-empt a sale price and said he would let the expressions of interest campaign run its course until 3 June.
Built in 1937 as a commercial and retail premises for gold miner and financier Claude de Bernales, the arcade has become a popular tourist attraction for its distinctive Elizabethan façade and iconic clock.
London Court was last on the market in 1950. Picture: Trove/National Library of Australia
London Court was purchased by pastoralists Harry and Bill Butcher for 210,000 pounds in the 1950s after being passed in at auction for 185,000 pounds. The brothers were responsible for opening the court at night, a practice that had ceased during wartime.
Originally home to 53 shops, 55 offices and 24 residential flats, London Court now occupies 1712sqm across four levels and a basement. It has 34 mall level shops and 57 commercial and office tenancies in the three levels above the arcade.
Mr Mickle said the basement was occupied by a tavern for many years and the upper levels had originally been residential units, which could be reinstated or expanded.
London Court is a popular tourist attraction. Picture: realcommercial.com.au/for-sale
Curtin University urban planning expert Peter Newman said contrary to concerns that central business districts had been dealt a death knell thanks to the COVID pandemic, the owners of London Court were sitting on a “gold mine”.
“The centre of Perth is going to have an expanded future, not a reduced one,” Professor Newman said.
“A lot of people are talking how COVID has set in place the end of central business districts around the world – it’s not going to happen.
“The big thing is that there will be more and more people living there so the future of London Court will be substantial with buildings around it, on it, over it, under it that are going to have people living there.
“That area is going to continue to grow as a dense urban opportunity, a lifestyle opportunity, that many people will want. The inner city is now cool, interesting and saleable and there are just not enough options.”
Mr Mickle said London Court had stood as a unique and adored landmark in the Perth CBD for more than eight decades, and had just two owners in that time.
“The opportunity to secure a 100% freehold interest in one of Australia’s finest CBD retail properties is one we anticipate will attract keen interest – both from high net worth and family office buyers nationally, and from the fraternity of global investors who seek out premier heritage retail assets around the world.
“In the more than 70 years that Colliers has managed this asset, we’ve regularly received unsolicited approaches from interested buyers.
“It’s a fantastic time to be investing in the Perth CBD, and in WA more broadly. We’ve got the $1.5 billion Perth City Deal, the Activate Perth program, and a mandate to expand the City of Perth’s residential population from 29,000 to 90,000 in the coming years – which together will underpin a significant jump in tourism numbers and the retail catchment for the city.”
A plan by architectural firm Hames Sharley, commissioned by the City of Perth, identified London Court as a potential arts and culture space with galleries, studios and wine bars similar to Brisbane’s Bakery Lane. Other city buildings were identified for childcare, affordable housing and as a sporting facility.
Expressions of interest for the sale of London Court close on 3 June, 2021.
