- First time on market in 70 years
- Constructed in 1937
- Expressions of interest close 3 June 2021
Perth icon London Court is up for sale.
It’s the first time the property has been on the market in over 70 years, said Colliers International, the Tudor styled precinct has been held by a private family since the 1950s.
Where is it? How much?
London Court links two main streets in Perth’s CBD, St George’s Terrace and Hay Street Mall.
The 100 metre stretch sits on 1,712 square metres of CBD footprint, spread over four levels as well as a basement, a total of 3,021 square metres in building area.
“London Court has stood as a unique and much-loved landmark in the Perth CBD for more than eight decades, and in all that time has had just two owners,”
Ian Mickle, Colliers Director of Agency
Mr Mickle told The Property Tribune London Court is expecting to fetch well into the high $20s to $30 million.
The history
London Court is inspired by the Tudor designs from days of yore, but unlike Henry VIII, the building itself has only been around since the late 1930s.
It was constructed by mining entrepreneur Claude De Bernales in 1937, with retail office, and residential offerings.
Many locals will remember standing on Hay St Mall waiting for the clock to strike on the hour when armour-clad knights would gallop around a window above the clock.
It originally housed 53 shops, 55 offices, and 24 residential flats, but currently sees 34 mall level shops and 57 commercial and office tenancies.
The sale
It’s a unique opportunity, said Colliers Director of Agency, Ian Mickle:
“The opportunity to secure a 100 per cent 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.”
Ian Mickle, Colliers Director of Agency
It will certainly be interesting to see whether the new owners can activate the space in new and innovative ways, currently, the Perth CBD only sees foot traffic Anne Boleyn (amble in).
The long-standing issue of a ‘dead city’ existed well before the pandemic, it is still not uncommon to see ‘for lease’ signs on shop window after shop window.
That could change though, Mr Mickle said foot traffic is set to see significant improvements after the completion of developments at Elizabeth Quay, London Court in prime position to be an access pathway between Hay St Mall and the Quay.
Part of a CBD revival, as previously reported, includes being innovative and flexible, and that certainly seems to be a unique pivot for the mall:
“The upper levels accommodation is currently used as office space but was formerly 24 residential units, and these could potentially be reinstated or expanded.”
Ian Mickle, Colliers Director of Agency
The sale of London Court is by international expressions of interest, closing on the third of June.
