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Prime real estate: Perth's biggest mall to be sold for $140m

by September 29, 2016 General

One of Perth’s biggest shopping malls – Carillion City – is on the verge of being sold for $140 million after a highly contested bidding war.

The Australian Financial Review reports that DEXUS Property Group is in the box seat to buy the mall after beating other major investors such as Singapore’s Starhill REIT and superfund developer ISPT.

Carillion City is a prime retail location in Perth. Carillion City is a prime retail location in Perth. Photo: Urban Angles

Carillon City was put on the market in July by Canadian property giant Brookfield Property Partners, and its co-owner private Perth company Hawaiian Investments. 

The appeal of Carillion is its location and underutilised floor space besides its connectivity to Perth’s most popular retail precinct Forrest chase and the proximity to big department stores Myer and David Jones and popular overseas fashion shops H&M and Uniqlo which are due to open shops nearby.

The centre consists of a four-level retail arcade, running between the two malls, along with a 14-level office tower. Within the CBD complex is the flagship Topshop Topman store, three mini major tenancies, and 104 specialty shops and kiosks. The office tower has 47 tenancies.

– Mercedes Ruehl, Australian Financial Review