GDI to sell CBD car park

GDI Property Group has listed its 10-level carpark on the market after the ASX-listed property fund bought the asset for $38 million in 2021.

Sydney-headquatered GDI bought the CBD car park, located at 419-431 Murray Street, for $38.25 million in December 2021 from City Car Park Pty Ltd.

At the same time, GDI Group bought a six-level car park at 301-311 Wellington Street for $30.25 from the same seller and is planning to convert it into a $150 million, 19-storey residential and office tower. 

The 839-bay Murray Street asset is managed by Wilson Parking under a five-year management deal.

It’s one of Perth’s largest purpose-built parking facilities situated on 3,667 sqm of potential mixed-use development land, according to sale managers CBRE.

CBRE’s Aaron Desange and Nicholas Volk are managing the sale through an expressions of interest campaign running until November.

“419-431 Murray Street offers a stabilised income profile with immediate growth prospects,” Mr Desange said.

“The ongoing gentrification of the western end of the Perth CBD and the completion of ECU in 2026 will continue to underpin revenue growth.”

GDI Group also owns the Mill Green Complex on Saint George’s Terrace and 180 Hay Street in Perth.