Perth, 30 September 2014 – Bon Marche Arcade – one of Perth’s most iconic and oldest shopping arcades – is being offered to the market in a move tipped to ignite strong investor interest.
CBRE’s Michael Milne and Burgess Rawson’s Shane Isaacs have been appointed as joint agents to sell Bon Marche Arcade on behalf of the Desida Nominees, who have held the asset since 1985.
Located at 78-84 Barrack Street, the heritage-listed arcade covers a total land area of 481sqm and comprises 1,047sqm of lettable space across four levels.
Built circa 1901, the Federation Free Classical style building, formerly known as the Brookman’s Buildings before becoming part of the Bon Marche Stores in 1920, features concrete and timber floors and brick structural walls. The arcade also benefited from major restoration improvements circa 1989 – 1990.
Mr Milne said the asset represented a rare opportunity to acquire a free-standing retail asset in the heart of Perth’s shopping district, particularly at a time when Barrack Street was emerging as a prime destination.
“Prominently positioned near Perth’s retail shopping malls, Hay Street and Murray Street – both of which are undergoing significant transformation - the Bon Marche Arcade will inevitably capitalise on the growing popularity of this evolving precinct,” Mr Milne said.
Mr Isaacs outlined that there were limited opportunities to purchase a free-standing retail commercial property such as this in one of the country’s most rapidly growing cities.
“The property also offers significant growth potential and we expect there to be strong investor interest as a result,” added Mr Isaacs.
“Bon Marche Arcade not only offers the benefits of a substantially leased investment asset as is, but there is potential to unlock its full potential by consolidating the ground floor retail areas to attract A-grade retailers,” Mr Milne said, adding the upper levels could also be consolidated to accommodate larger floor plates.
CBRE and Burgess Rawson are promoting the property for sale via offers invited.
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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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 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 atwww.cbre.com.au.