Forrests’ Tattarang snaps up Perth’s Carillon City shopping centre

Nicola and Andrew Forrest’s Tattarang has snapped up Perth’s down at heel Carillon City centre, with plans to revamp it into a world class shopping precinct.

Nicola Forrest says Carillon can be a world-class precinct. Picture: NCA NewsWire / Gary Ramage

The private investment house controlled by Western Australia’s Forrest family has branched out into retail investment, buying Perth’s down at heel Carillon City centre with plans to revamp it into a world class shopping precinct.

Tattarang’s property division, Fiveight, will lead the regeneration of the site, one of the largest land holdings in the Perth CBD and offering direct pedestrian access between the Perth train station and St Georges Terrace.

“For the past 50 years, the Carillon arcades and walkways have connected the commercial and retail arteries of our growing city, however we believe it’s true potential as a world-class sustainable urban precinct can now be unlocked,” Tattarang director Nicola Forrest said in a statement on Friday.

The Weekend Australian can reveal that Tattarang acquired the retail site from Dexus Wholesale Property Fund for around $80m.

The Dexus fund paid around $140m for the site in 2016, and last October hit the headlines with demands its retail tenants relocate as it moved towards demolition of the centre and a $200m redevelopment of the centre.

However, Dexus later entered negotiations with a Perth landlord to sell the retail investment at a price of $80m, but the deal fell through, allowing Tattarang to acquire the vacant centre.

Several redevelopment proposals for the Carillon site have previously been created but Fiveight will begin a new global search for the most innovative mixed-use design principles to maximise the potential of the shopping centre’s strategic location and proximity to Perth’s rail network.

This will include investing in new construction technologies and materials to deliver the next generation of sustainable development, Mrs Forrest said.

She believes a revitalised Carillon precinct will be city changing and catalyse the rebirth

of Perth’s civic heart.

“For the past 50 years, the Carillon arcades and walkways have connected the commercial and retail arteries of our growing city, however we believe it’s true potential as a world-class sustainable urban precinct can now be unlocked,” Mrs Forrest said.

“As the new custodians of this critical component of Perth’s city core, we are committed to delivering a new future for the way we work, visit and play in the centre of a modern, sophisticated city in the twenty-first century.”

Tattarang Chief Investment Officer John Hartman said the acquisition of the 5723 sqm centre offered a landmark opportunity to create something truly unique in the centre of the city and revitalise the local economy after the challenges posed by the pandemic.

“We see the Carillon site as the Perth CBD’s most important retail location, with a rich history that deserves a bright future,” Mr Hartman said.

City of Perth Lord Mayor Basil Zempilas said Tattarang’s purchase was a major milestone for the CBD’s rejuvenation.

Fiveight’s property portfolio also includes the redevelopment of the Indiana in Cottesloe, the proposed Ningaloo Lighthouse Resort in Exmouth and the Swan Brewery.

Fiveight purchased 190 St Georges Terrace – a 12-level A-grade office building that offers more than 9,200 square metres of leasable floorspace – with a planned relaunch of the commercial tenancies to be announced later in the year.

Dexus could not be reached for comment.