Perth

Beaufort Street cake shop sale presents sweet investment opportunity

The former home of one of Perth’s most recognised cake shops, Avanti Cakes, has been listed for sale – unlocking almost 3,000sqm of prime real estate on Beaufort Street, Inglewood.

29 May 2019

The former home of one of Perth’s most recognised cake shops, Avanti Cakes, has been listed for sale – unlocking almost 3,000sqm of prime real estate on Beaufort Street, Inglewood. 

After 35 years of ownership, the Lembo family has appointed CBRE to market for sale the four adjoining properties located at; 867 Beaufort Street (1,183sqm); 871 Beaufort Street (604sqm); 875 Beaufort Street (594sqm) and 875 Beaufort Street (599sqm). 

The combined 2,980sqm site was home to Avanti Cakes – one of Perth’s top wedding cake suppliers – between 1983 – 2005 – as well as the former Inglewood Police Station buildings. 

The property has recently received development approval for a five-storey mixed use project comprising restaurant and retail shops, medical consulting rooms in the retained heritage police quarters, 57 residential apartments and 78 car parking bays. The site is located opposite the mooted Inglewood Woolworths. 

CBRE’s Michael Milne and Ben Younger have been appointed to market the site for sale via Public Offers to Purchase process. 

Mr Milne said the properties represented an attractive development opportunity in one of Perth’s most desirable inner metropolitan locations. 

“Exceptionally located on one of Perth’s most well-known high streets, these sites are ideally positioned to capitalise on the ongoing transformation of Inglewood – including Woolworths’ proposed development of the former Bunnings site situated opposite,” Mr Milne said. 

“Many people will recognise this high-profile site by the Avanti Cakes mural, which has decorated its exterior since the ‘80s, together with the adjoining Inglewood Police Station buildings. Its favourable street profile and existing development approval will underpin strong buyer interest from retail groups and mixed-use developers.”  

Mr Younger said the site’s location would be a key selling factor.

“Beaufort Street is one of Perth’s most well-known main streets, home to retail, food & beverage and residential. The opportunity to acquire a substantial footprint in an area already earmarked for future development presents an attractive investment opportunity,” Mr Younger added. 

Public Offers to Purchase close July 4.For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

About CBRE Group, Inc.

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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.

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Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.