The arrival of the property to the market, provides astute investors with a seldom available opportunity to procure a well leased freehold asset, located within arguable one of Western Australia’s premier hospitality, entertainment and retail precincts.
More specifically, the property is located along one of South Fremantle’s most prominent thoroughfares, with excellent proximity to numerous major and renowned attractions including but not limited to; South Terrace Cappuccino Strip, Fremantle Fishing Boat Harbour, Fremantle Farmers Markets and Fremantle Sailing Club and Marina.
The property is further complimented by a variety of hospitality venues including cafes, restaurants, bars and boutique retail, proving for a vibrant and cosmopolitan catchment.
Highlights include:
-Fully leased investment
-Strategic corner landholding of 496m2*
-Established dining culture precinct
-Iconic hospitality venue with over 40 years of continuous trade
-Very flexible “mixed use” zoning providing for a variety of uses
-Excellent exposure and prominence
-Solid income stream
-Programmed reviews underpinning robust income
-Extremely tightly held precinct
Specifically, the site supports generic improvements interspersed with character features, comprising a fully fitted and licensed Italian Restaurant with ancillary alfresco areas. The improvements consist of rendered brick elevations, concrete flooring and metal deck roofing and occupy the majority of the site. Internal configuration is by way of segregated communal dining areas, numerous commercially fitted kitchens, storage areas and a prominently positioned and striking bar. The internal rear of the property supports an upper level of storage and office accommodation.
Zoning:
The City of Fremantle advises that the property is zoned “Mixed Use” with an R30 density, under the City of Fremantle’s Local Planning Scheme No. 4 and is located within the LPA4-Fremantle South.
Further, the property is located within the South Fremantle Precinct Heritage Area and individually listed accordingly, with a Management Category of Level 3 whereby the City of Fremantle has identified the property as of having some cultural heritage significance.
In this regard, proponents must make their own inquiries with the City of Fremantle and all other relevant Statutory Authorities.
Outgoings Summary 2022/2023*
Council Rates: $11,913.01*
Land Tax: $1,286.20*
Insurance: $5,711.73*
Water Rates: $4,262.10* (excludes water usage)
Total: $23,173.04*
Tenancy Details:
The property is fully leased to a well established licensed restaurant until 31st October 2026, with a further term (option) of 5 years, commencing on 1st November 2026 and a final term (option) of 5 years, commencing 1st November 2031.
The Tenant pays a semi gross rental which includes statutory and insurance outgoings. As at the 1st April 2023, passing semi gross income was $172,302.38 p.a.*.
Review mechanism comprises of CPI annually, with a market review at the commencement of Option Terms. The current Tenant has occupied the property since November 2016.
More detailed information, including Tenancy Schedules and Lease Documentation will be provided as part of any Due Diligence process.
For further information and a copy of the Information Memorandum, please contact exclusive Selling Agents, Franco Gangemi and Adam Musbah.
*Approximately.
