A move to revamp an empty shopping arcade in the heart of the city has taken a step forward after Fiveight submitted its $400 million proposal to redevelop Perth’s Carillon City.
Billionaire Forrest-owned investment group Tattarang’s property division, Fiveight, purchased the site more than two years ago with plans to make over the embattled Carillon City site between Hay and Murray Street malls.
The dilapidated Carillon Arcade looks set for a facelift.Credit: Emma Young.
Fiveeight chief executive Paige Walker will lead the redevelopment of the 5723-square-metre site, one of the largest landholdings in the CBD and its most central.
“The proposed development has been strategically designed to align with the City of Perth’s ambitious Strategic Community Plan 2022-2032,” she said.
“Our team are looking forward to progressing the development application in collaboration with the City of Perth, state government, cultural advisors, partners and investors.
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“We look forward to providing further information following the approval of the development application.”
It purchased the arcade from Dexus which bought the property in 2016 for $140 million but later scrapped a $200 million plan to demolish and redevelop the space.
The revamp will include a 17-storey tower with a hotel, a 17-storey office tower and 30 levels of student accommodation.
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