GDI Property Group is paying Perron Group $68.5 million for two Perth CBD car park investments with long term development upside.
At 419-431 Murray Street, accessed via a right-of-way at Hay, the buyer is spending $38.25m on a 10 storey garage with 839 bays.
Developed in 1984, the asset spreads over a 3667 square metre site near the Hay Street Mall, hotels and offices including 240 St Georges Terrace.
It is also close to the Mill Green complex (197 St Georges Tce), which GDI acquired in 2011 then spent $50m renovating.
In a second deal, the Sydney based fund manager is outlaying $30.25m for 301-311 Wellington St, near the Royal Perth Hospital and District Court.
Developed in 1988, it contains 601 bays across six levels.
The site spreads 3627 sqm.
Both assets have been managed by Wilson Parking for about 15 years.
They also offer small office and retail components.
JLL’s Sean Flynn and John Williams were the agents.
Elsewhere in Perth, GDI owns the Westralia Square office at 114 St Georges Tce (story continues below).
It also holds the state’s only IKEA outlet, in Innaloo.
Perron was established by Perth based businessman and philanthropist Stan Perron who died in 2018.
It holds over $4 billion of assets including sole or shared ownership of 11 shopping centres, two offices and substantial land.
The group also retains sole rights to distribute Toyota passenger and commercial vehicles in Western Australia.
In June, Perron sold The Square Mirrabooka shopping centre for $195m to Melbourne-based Fawkner Properties.
Not long earlier it offloaded a Welshpool industrial investment for $5.9m.
Perron offered the car parks separately or in one line.
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