One of Perth's most controversial towers, Raine Square, is expected to be offered for sale early this year - and with a price tag between $400 million and $500 million it would be Perth's most expensive building sale.
The 22-storey tower was started by developer Luke Saraceni and business partner Hossean Pourzand but lead financier Bankwest, which was also set to be the building's anchor tenant, appointed KordaMentha to finish the project after contractor disputes stalled construction. The CBD tower finally opened in August, two years behind schedule, delivering 44,000sqm of office space, most of which is now occupied by Bankwest and 18,000sqm of retail space in an atrium-style shopping centre. The sale is a joint-listing between real estate specialists CBRE and Jones Lang LaSalle.
According to industry sources, Raine Square will be marketed to offshore and local institutional investors next month.
In value terms, it is thought to be Perth's fourth most expensive building, behind Brookfield Plaza, Central Park and QV1.
In 2011, Eureka Capital paid $310 million for a half-share in QV1.
Raine Square occupies most of the city block between Wellington, William, Murray and Queen streets, has a tunnel link to the Perth Underground Station and will overlook Perth City Link.Mr Saraceni has separately launched a $200 million-plus damages claim against Bankwest for breaches of its lending obligations and the collapse of his property empire.
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