Singaporean property developer Fragrance Group has purchased London Court for more than $28.3 million.
Singaporean property developer Fragrance Group has purchased London Court for more than $28.3 million, with the arcade to leave the hands of a local family for the first time in more than 70 years.
The open-roofed, Tudor-style heritage retail lane was constructed in 1937 by prominent Western Australian businessman and wealthy gold financier Claude De Bernales, occupying a prime strip of real estate between St Georges Terrace and the Hay Street Mall.
Originally, London Court was home to 53 shops, 55 offices and 24 residential flats, but it has been refurbished numerous times and now comprises 34 mall-level shops, and 57 commercial and office tenancies spread over four levels with an area of more than 3,000 square metres.
The 80-year-old precinct has had just two owners in that time and has been held by a private family since the 1950s.
But the asset will now belong to JK Global Treasure, one of 12 subsidiaries of Fragrance Group.
The sale follows a five-month global campaign led by Colliers International director of agency Ian Mickle, who said the company had been inundated with enquiries from local, interstate and international buyers.
“The opportunity to secure a 100 per cent freehold interest in one of Australia’s finest CBD retail properties attracted keen interest, both from high net worth and family office buyers nationally, and from the fraternity of global investors who seek out premier heritage retail assets around the world,” he said.
According to Mr Mickle, the investor has indicated it does not intend to make any significant changes to the heritage listed asset.
Fragrance Group recently completed the $200 million NV Apartments on Murray Street and is progressing a residential development on Milligan Street.
The arcade received a National Trust of Australia classification in 1978 and was added to the State Heritage Register in 1996.
