A recent transaction has made Randal Humich the single largest private landholder of Perth’s malls.
Randal Humich has bought three properties from Jeff Leach for a combined $48 million, in the largest Perth CBD transaction this year.
Mr Humich, who already owns several properties in Hay and Murray Street malls, has acquired 255 Murray Street, 110 William Street and 96 William Street.
The deal has made the Humich Group founder the single largest private landholder of Perth’s malls.
Mr Humich told Business News the acquisition, brokered by Ray White Commercial WA's Brett Wilkins, provided a rare opportunity to consolidate a number of CBD properties.
“[I wanted] to have more control over what’s happening in this area,” Mr Humich said.
“A lot of those properties don’t change hands very often.”
He said he would refurbish the buildings, which were about 50 per cent vacant, and bring new tenants in before eventually redeveloping the site.
“In the future it will be a redevelopment site, [but] there are long-term tenants,” Mr Humich said.
Kmart and Hames Sharley occupy Mr Humich’s existing assets adjacent to these buildings.
The newly acquired buildings are opposite Perth train station, which Mr Humich said was another drawcard.
Vendor Jeff Leach also owns the Zara building in the Murray Street Mall, which is also on the market.
The Leach family, via JJ Leach Group, have owned the properties on Murray and William streets for up to 20 years.
Jeff Leach founded the Friendlies Pharmacies franchise, which was sold to HBF.
Business News understands the Leach family is looking to divest its CBD assets to focus on its Claremont property interests.
Mr Humich gained planning approval to develop an $160 million office building, retail and dining precinct at the corner of Hay and Barrack streets late last year.
He said he planned to commence construction on that site as soon as he received heritage approvals.
A Murray Street office building sold for $33 million last month, which was the largest sale in Perth this year at the time.
The recent deal was sold as a multi-titled composite sale rather than a single asset.
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