St Martins Centre hits market

Saint Martins Centre, a seven-building complex on St Georges Terrace has hit the market, after more than three decades of ownership.

St Martins Properties, owned by the Kuwait government and run by Nicholas Olzlanski, is looking to sell the seven-building complex, which has been in their hands since 1988. 

The 34-storey tower at 44 Saint Georges Terrace anchors the development, which includes 47,123 square metres of net lettable area spanning over seven buildings. 

The property, on a 7,456 square metre site with frontages to St Georges Terrace, the Hay Street Mall and Barrack Street, is being marketed by Savills via an international expressions of interest campaign.

Savills associate director of capital transactions Barney Dear said the property is one of the largest landholdings in Perth’s CBD and would allow a buyer to control a complete precinct.

“St Martins Centre offers to the market a landmark development with considerable scale on one of the largest landholdings in the Perth CBD, including both high quality commercial and retail accommodation,” he said.

“The asset also benefits from a diverse income profile while offering numerous repositioning opportunities.

 “In addition to the significant commercial accommodation, the property offers over 6,000sq m of retail NLA across a mix of modern retail tenancies and stunning heritage listing retail buildings, including 67 metres of continuous frontage to Perth’s premier retail destination in Hay Street Mall.”

The Pottery Barn, 43 Below Bar & Restaurant, C Restaurant, ICBC Bank and Voltage Espresso are part of the centre.

This follows Brookfield’s listing of the South32 building last week, which is expected to fetch $350 million.