Perth’s CBD is experiencing a resurgence in investment, says the firm
Australian Development Capital (ADC), advised by SPB, led the successful syndicate. This includes the Warburton Group of Multiplex heir Tim Robert that purchased the former site of the Perth Girls School in East Perth for $5m, The syndicate went up against eight other groups that bid in the government’s sale of the 1.11ha land, which is one of the largest remaining parcels of land available in Perth’s outer CBD.
SPB said that the deal, which closed on 13 June, also included heritage agreement negotiations designed to protect the historic building.
“We are delighted to have assisted ADC in completing this landmark acquisition,” said Carl Black, SPB’s lead partner on the deal. “The purchaser is considering its development options and we will continue to advise them as they progress the project.”
“This transaction is another marker in the continuing resurgence of Perth’s CBD. In the past 12 months alone, Squire Patton Boggs has acted on a number of deals that are regenerating brownfield sites around the CBD alone,” he added.
The firm acted in the first unsolicited bid to reach the second stage of consideration for the World Trade Center Perth development. It acted on the sale of Crowne Plaza, the largest Perth hotel sale yet this year. SPB has also acted in the rebranding and refurbishment of the incoming Intercontinental Hotel, and the Ibis Styles hotel on Adelaide Terrace, which is under construction.
“While the residential property market is still flat, Perth’s hospitality and leisure property sector is still active. This sustained level of investment is an encouraging sign of investor confidence in Western Australia,” Black said.
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