Fund manager Centuria Capital is circling one of the Perth CBD’s better-known landmarks, Allendale Square, which is owned by ASX-listed Mirvac and is expected to change hands in a transaction worth about $225 million.

The mooted transaction price represents a yield of above 6 per cent, according to industry sources. Mirvac had put the 31-level tower at 77 St Georges Terrace on the market close to a year ago, through Cushman & Wakefield and Colliers, as it looked to realise the results of its improvements at the site.