Tasked by the purchaser Orient Holdings Pty Ltd to identify and secure an appropriate investment, Axia presented 12 Station Street – the home of Lamont’s Wine Store amongst other tenancies for their consideration. The 410sqm strata titled site (405sqm land area) settled in February with a purchase price of $3.1 million.
The strata building is fully occupied with long-term tenancies including the renowned Lamont’s wine bar and restaurant and Heartbeat High Pilates and Bodeker & Associates solicitors who are both located upstairs.
Orient Holdings has indicated its intentions to retain the site as an investment asset, with plans to review in the longer term.
According to Axia’s, John Garland, Station Street is showing signs of potential reinvention with discussions underway with local council and planning authorities around a medium-density residential and commercial development, proposed to be built directly opposite Lamont’s.
This sale follows the purchase by another of Axia client negotiated by Ric Olivieri representing the buyer. The property at 1-7 Napoleon Street was acquired for $4.825 million.
Mr Garland, says the key to unlocking both properties at 1-7 Napoleon Street (encompassing the iconic Van’s Cafe and Esola jewellers), in addition to 12 Station Street, came down to understanding its clients’ specific asset requirements – and making it happen.
“We were confident we could satisfy the needs of both clients who were independently looking to invest within the Cottesloe commercial sector; the properties were introduced off-market without advertising or print media representation, resulting in two discreet transactions for the buyers,” says John.
Mr Garland says the two transactions, expediently delivered within a space of just six months, is a promising result for Axia and its dexterity within Cottesloe’s tightly held commercial sector.