The home of Perth’s Hospitality Store has been listed for sale, unlocking more than 1,000sqm of prime real estate in the city fringe.
Located at 306 Newcastle Street, the 1015sqm property is leased to longstanding tenant Rewards Supply Co Pty Ltd – trading as the Hospitality Store – generating a net annual income of approximately $170,000.
The property benefits from dual frontage to Newcastle and Palmerston streets, with current zoning providing scope for a residential, office or mixed use development of up to five storeys.
CBRE’s Ben Younger and Kate Foley have been appointed to handle the sale of the property on behalf of an east coast private investor via Public Auction.
Mr Younger said the opportunity to acquire the property came at a time when demand continued to strengthen for securely leased, single tenanted retail investments.
“This property offers both security of holding income and ongoing confidence that is expected to underpin strong interest from a range of groups,” Mr Younger said.
“Given the current buyer market environment for high quality retail investment properties and boutique development sites, we expect to see a high level of interest in this opportunity.”
Ms Foley said the property benefitted from a prime inner-city location.
“This property is positioned to capitalise on the ongoing growth of Perth’s fringe area, with it located walking distance to the heart of Northbridge – a renowned dining, retail and cultural precinct,” Ms Foley explained.
“We anticipate keen interest from investors and developers looking to take advantage of this location, which will continue to evolve into one of the city’s most sought after areas off the back of the nearby $5.2 billion Perth City Link project, which will connect the CBD to Northbridge.”
The property is being offered for sale via an on-site Public Auction on October 27th at 11.00am.
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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.
