International campaign marks the first time this iconic asset has come to market in over 70 years
Held by a private family since the 1950s, the heritage Tudor-style retail lane occupies a prime location in the heart of the city and has provided a key link between St George’s Terrace and the Hay Street Mall for more than 80 years.
Colliers is seeking expressions of interest in the property, which is expected to appeal to investors at a national and international level.
“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,” 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.”
Constructed by prominent Western Australian mining entrepreneur Claude De Bernales in 1937 to accommodate retail, office and residential tenants, London Court has been refurbished numerous times over the decades and recently underwent major façade upgrades.
The asset, which occupies a 1,712sqm CBD footprint, comprises four levels plus basement, with a gross building area of over 3,021sqm. Originally home to 53 shops, 55 offices and 24 residential flats, it today provides basement level retail & workshop, 34 mall level shops and 57 commercial and office tenancies over 3 levels above the arcade.
Mr Mickle said London Court’s premium positioning and recognition presented opportunity for a new owner.
“It does hold the potential to reposition the asset by introducing the likes of an experienced food and beverage operator, fashion or more convenience retail offering for an expanding CBD population,” he said.
“Foot traffic will be further boosted on completion of developments within Elizabeth Quay, with London Court providing the most convenient north-south access to the Hay and Murray Street Malls, and Perth Railway Station.
“For many years, the basement space at London Court was occupied by a popular tavern. The upper levels accommodation is currently used as office space but was formerly 24 residential units, and these could potentially be reinstated or expanded.”
Short-stay accommodation is another potential option which could be explored.
“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,” said Mr Mickle.
“As an investment destination, WA is a beacon on the world stage thanks to our ability to withstand the impacts of the COVID pandemic and our strong economic performance.
“In the more than 70 years that Colliers has managed this asset, we’ve regularly received unsolicited approaches from interested buyers. Now that we’ve taken it to market, we’re expecting considerable competition for what is one of the most highly coveted trophy assets in the Perth CBD.”
London Court is For Sale by International Expressions of Interest, closing Thursday 3rd of June.