Syndicator APIL sells CBD building for $31.5 million.
A prized Hay Street mall retail property has changed hands in a rare transaction for Perth’s CBD.
The vendor was leading WA-based property syndicator APIL (Australian Property Investments Limited), which sold Sheffield House at 713-721 Hay Street mall to an undisclosed buyer for $31.5 million.
The off-market deal was negotiated by Colliers International’s Ben Tana and Mark Werrett who said Hay Street mall properties, valued because of their prized retail exposure, were among the most tightly-held real estate assets in Perth.
Sheffield House occupies a 947sqm site and has a city centre zoning. The four-storey property has a 20.7m frontage to the western end of the mall.
APIL Managing Director Peter Hughes said the decision to sell Sheffield House, home to Amcal Pharmacy, Camera House and electronics retailer JB Hi-Fi, came down to timing and price.
“There is strong demand for well-located and income-producing assets and the syndicate, which had owned the asset for 11 years, decided to sell after it was offered a good price,” Mr Hughes said.
APIL purchased Sheffield House for $9.86 million in 2005.