Built by businessman Alan Bond, the tower at 108 St Georges Terrace is set to get a new owner with foreign capital favoured to take out the office asset.
The tower, briefly Perth’s tallest building, sits on a prime CBD corner site bought by AMP in 1910.
No one associated with the pending transaction was prepared to comment, but sources said the building – developed by AMP and opened in 1975 – will be sold on a passing yield of 6.5 per cent to 6.75 per cent.
It is thought that capital generated from the sale will be recycled into AMP’s Quay Quarter Tower development in Sydney and potentially used for investor payments.
The building has performed relatively well in the soft Perth CBD office market and is 93 per cent leased with a low weighted average lease expiry of 2.8 years.