Rare premium landholding in Perth’s CBD hits market

One of Perth’s most prominent and iconic commercial developments, St Martins Centre, has been listed for sale via an International Expressions of Interest campaign with leading agency Savills, on behalf of vendor St Martins Properties.

St Martins Centre comprises three landmark commercial office buildings and four iconic retail buildings and is anchored by the 34-storey St Martins Tower, at 44 St Georges Terrace. The property includes a total of 47,123 sq m of net lettable area spanning over the seven buildings.

The 7,456sq m site is one of the most extensive landholdings in the CBD and allows a potential buyer to control a complete precinct with prominent frontages to St Georges Terrace, the Hay Street Mall and Barrack Street.

“St Martins Centre offers to the market a landmark development with considerable scale on one of the largest landholdings in the Perth CBD, including both high quality commercial and retail accommodation. The asset also benefits from a diverse income profile while offering numerous repositioning opportunities.’ said Barney Dear, Savills Associate Director of Capital Transactions.

‘In addition to the significant commercial accommodation, the property offers over 6,000sq m of retail NLA across a mix of modern retail tenancies and stunning heritage listing retail buildings, including 67m of continuous frontage to Perth’s premier retail destination in Hay Street Mall.’

Ben Azar, National Head – Cross Border Investments says ‘The Perth office market is a compelling investment right now, with positive economic indicators that it will outperform through the next cycle’

‘St Martins signifies a true counter-cyclical purchase with prime yields between Perth and Sydney elevated above long-term averages. The rare opportunity offers purchasers an active investment, benefitting from the future uplift in the commercial occupier market and driving tenant retention between the three office towers,”

As the commodities boom continues, Western Australia’s employment rate remains the lowest in the country with Perth’s office vacancy falling to 15.0%.

‘St Martins is positioned in the heart of the revitalised eastern core of the Perth CBD, surrounded by city defining developments such as Elizabeth Quay, the Treasury Buildings and David Malcolm

Justice Centre. The property’s superb location also benefits from outstanding nearby amenity including the building’s own renowned C restaurant, Western Australia’s only revolving restaurant‘ said Paul Craig, Savills CEO – Australia & New Zealand.

St Martins is offered for sale via an International Expressions of Interest campaign closing 2pm (AWST) Thursday 7 July 2022.

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