Perth CBD car park hits the market

ASX-listed property owner and fund management company GDI Property Group has listed a 10-level Perth CBD car park for sale.

Located at 419-431 Murray Street, the 839-bay car park is operated under a five-year management agreement with Wilson Parking, a subsidiary of Hong Kong-based property developer Sun Hung Kai Properties.

The asset is one of Perth’s largest purpose-built parking facilities and is situated on a substantial 3,667 sqm landholding offering future mixed-use development potential.

CBRE’s Aaron Desange and Nicholas Volk are managing the sale via an Expressions of Interest campaign closing November 2, 2023.

“419-431 Murray Street offers a stabilised income profile with immediate growth prospects. The ongoing gentrification of the western end of the Perth CBD and the completion of ECU in 2026 will continue to underpin revenue growth,” Mr Desange said.

Mr Volk added, “With FY23 net income having grown by 52% over the previous 12 months, there is a pathway for further near-term growth with the re-leasing of QV1, Dynons Plaza and the drawcard of new leisure and entertainment options in the area.”

“The outperformance of Perth’s office market will further underpin income growth, with the highest utilisation rates in the country above 80%, offering the potential for attractive distribution yields for an incoming purchaser.”