Stockland to sell Durack Centre

Listed developer Stockland has relisted the Durack Centre, which joins several Perth CBD properties put up for sale during the first half of this year. 

Stockland owns the long-term lease to the site, at 263 Adelaide Terrace, and it is understood the Durack family owns the freehold land.

JLL and CBRE jointly listed the asset today, which is expected to fetch $70 million.

The building was on the market in 2019, but negotiations for a sale broke down in early 2020 due to COVID.

The recent listing follows expressions of interest campaigns for Kuwait government-owned Saint Martins Centre earlier this week and Brookfield’s South32 building last week.

JLL is also marketing London House at 216 St Georges Terrace and recently sold seven-storey office building 186 St Georges Terrace for $16 million to a private investor.

Andrew and Nicola Forrest’s Fiveight recently bought Carillon City on Murray Street for $80 million.

JLL head of capital markets John Williams said the recent listings and transactions reflected a return of investor confidence after border restrictions lifted.

“It is pent-up activity,” Mr Williams told Business News.

“Now investors can get into Perth, those assets that would have come onto the market in the last couple of years are now coming to the market.

“The capital looking for assets in Perth hasn’t diminished, it’s still quite strong.”

He said prospective buyers visited Perth regularly, mainly from the eastern states and Singapore.

It is understood a host of local and national buyers have already expressed interest in the Durack Centre site.

There are 63 years remaining on its lease.