London House sale price revealed

London House has sold for $102 million to the low profile Baldock family, as Hawaiian parts ways with the asset and increases its retail portfolio.

The property group sold the 216 St Georges Terrace building earlier this year, but did not reveal a sale price.

RP Data confirms the 18-storey building sold for $102 million in late July, in the first time the building has changed hands in 28 years. 

In December 1994, Hawaiian bought the property for $28.5 million from UK property group Knightsbridge Investments.

Business News revealed earlier this month that Leonie Baldock of Wright Prospecting fame bought the office tower from Hawaiian. 

It is understood the $102 million sale price was the net price of the asset, which does not include the tenant incentives.

Generally, the reported sale price for these types of properties is adjusted to include these incentives, which industry sources say could be as much as $6 million for this building.

Hawaiian has bought Hillarys Shopping Centre for $34.2 million from William and Carolyn Timms and Rae, Nola and Clifford Stagg.

Hawaiian chief executive Russell Gibbs said the company remained committed to Perth’s office sector, as the group still owns three CBD office buildings.

These include Parmelia House at 191 St Georges Terrace, which it bought for $20 million in 1999, 177 St Georges Terrace, and 235 St Georges Terrace, which it owns in partnership with Brookfield.

“As we left one asset, we took the opportunity to secure a new one; purchasing Hillarys Shopping Centre and bringing to 11 Hawaiian’s shopping centre assets – a sign that we believe strongly in the WA retail sector,” Mr Gibbs said.

A spate of CBD properties are expected to settle before the end of this year, with Allendale Square recently selling for $223 million, Brookfield’s 108 St Georges Terrace expecting to settle, along with Stockland’s Durack Centre at 263 Adelaide Terrace.

In addition, Business News understands that the Kuwait Government’s St Martin’s Centre at 44 St George’s Terrace is under due diligence.

JLL recently listed a portfolio of office assets on the market, including the Channel 9 headquarters at 267 St Georges Terrace.

The real estate group is also offering 251, 253 and 255 St Georges Terrace for sale.