The deal between Dexus and Fiveight took a year to settle.
The sale of Carillon City to Fiveight has settled for $80.5 million, 12 months on from Dexus agreeing to part ways with the asset.
Savills today confirmed the property, between Murray Street and Hay Street, has settled in an off-market deal.
Andrew and Nicola Forrest’s property development group Fiveight, a division of Tattarang agreed to purchase the building in April last year.
The group has mooted plans to redevelop the asset into an experience-based retail precinct, which it says would add life to the CBD.
Dexus bought the Carillon City for $140 million in late 2016 and had plans for a $200 million redevelopment of the Murray Street building approved in 2019.
In September last year, Dexus told more than 20 Carillon retailers they had just six weeks to vacate, as it searched for an anchor tenant to underpin its redevelopment.
Savills, who worked with Dexus on the deal, described the 5,700 square metre asset as “one of the largest core retail sites in the CBD”.
“Thank you to Dexus for trusting us with this sale and congratulations to the purchaser, Fiveight,” Savills capital transactions director Barney Dear said on LinkedIn.
“We look forward to watching the rebirth of this iconic retail precinct into a world-class retail and experiential destination.”
Head of Fiveight John Meredith the company was planning to transform the precinct, following settlement.
“Fiveight is pleased to have settled on Carillon City following a settlement period with Dexus that followed the standard process, to satisfy the conditions of sale," he said.
“We are planning a transformative redevelopment for the Carillon City site that positions Perth as a world-class leader in modern retail and experiential destinations."
Mr Meredith added that Fiveight was working through design options, with development plans to be announced in due course.
