Perth, 18 February 2015 – A high profile retail property on Barrack Street has been listed for sale in a move expected to generate significant investor interest amid the emerging renaissance of Perth’s commercial CBD market.
CBRE’s Ben Younger and Michael Milne said the sale of 92-94 Barrack Street was a unique opportunity to invest in Perth’s evolving CBD landscape.
“This property will not only benefit from current projects underway around the city but Barrack Street itself will undergo a transformation, with it set to be developed from a one way traffic street, to a two-way thoroughfare with additional enhancements,” Mr Younger said.
“The Perth CBD is undergoing a major transformation and this property is positioned to leverage off its prime position surrounded by several landmark projects.”
Located between Hay and Murray Streets, the freestanding property comprises a lettable area of 828sqm across two levels and is occupied by tenants City Sunset Souvenirs & Giftware, Shiro Fashion and OMG Internet.
Mr Younger said the property represented an outstanding opportunity to acquire a fully leased investment in the heart of Perth’s revitalised centre.
“Being at the centre of several major developments such as Elizabeth Quay and the new City of Perth Library and public plaza will help revive Barrack Street as an important civic spine,” Mr Younger explained.
“In addition to improved access via the new two-way road, the enhanced streetscape associated with surrounding projects will create a safer and more pedestrian-focused environment that will directly benefit this property.”
The Barrack Street property is located in close proximity to Mirvac’s new 35-storey office tower, which has been pre-leased to the government and will house the new Supreme Court as well as other instrumentalities
CBRE’s Michael Milne said the property’s close position to WA’s first six-star hotel would also be a selling draw card.
“Due for completion in mid-2015, this new Supreme Court is surrounded by the Treasury Building which is being converted into a 6-star hotel by FJM Property. The hotel will include ground level bars and restaurants that will increase street activity in the area, particularly with the two-way street conversion of Barrack Street.”
With a 6:1 plot ratio, the property offers future development or redevelopment options, providing purchasers with the potential to further maximise their investment in the property.
The property is being offered for sale via an Offers Invited campaign closing Thursday, March 5 at 4.00pm.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
