Perth David Jones, Hay Street Mall, Sells For $115 Million...

Perth David Jones, Hay Street Mall, Sells For $115 Million
Western Australia
Wednesday, 14 October 2009 07:32
PERTH's David Jones store in the CBD has sold to the Singapore listed Starhill Global REIT for almost $115 million.

The asset was put to the market by MCS28, a syndicate managed by Centro Properties Group.

The 4-level property on Hay Street Mall was valued at $114.5 million in June (down 13 per cent since last year). It sold on a yield of 7.75 per cent.

The possible sale of David Jones follows that of the Floreat Forum, which traded for $100 million recently. A half share of the Joondalup and Westfield Whitford City centres are also up for sale, according to the AFR, and could fetch about $750 million.

Another Centro managed fund, the MCS 17, also sold two of the eight Quensland properties it put up for auction yesterday: the Sands Hotel on the Sunshine Coast which sold for $5.6 million on a yield of 6.8 per cent; and the Newnham Hotel in Upper Mt Gravatt which sold for $5.5 million on a yield of almost 7.5 per cent.