A prized retail strip asset in Perth’s northern suburbs is being offered to the market – marking the first time it has been listed for sale in more than 10 years.
CBRE’s Michael Milne and Ben Younger have been appointed to market for sale the 373 Scarborough Beach Road property, comprising a two-storey commercial building located on a 1,519sqm landholding.
The building, which has a total gross lettable area of 898sqm, is being offered with vacant possession.
Mr Milne said the property’s location in the tightly held suburb would be a key selling factor.
“Innaloo – and in particular the Scarborough Beach Road commercial strip – is extremely tightly held, with opportunities such as this rarely offered to the market for sale,” Mr Milne said.
“The property presents opportunities for both owner occupiers and investors, with new planning framework adopted by council this year providing scope for mixed use development of up to six levels. Such a development would further capitalise on its enviable position opposite Bunnings, Westfield Innaloo Shopping Centre and the Event Cinema complex.”
Mr Younger said the site also offered an attractive opportunity for owner-occupation.
“Its prominent mainstreet position would support a diverse range of uses such as fast food, restaurant, retail, medical and wellness,” Mr Younger said.
The property is being offered for sale via Public Auction on June 8.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.