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Endless Possibilities, Limited Opportunity – Leased Investment with Upside

Active
  • Offers to Purchase
  • Property Type:
  • Location:
  • Sqm: 2257sqm
  • Lot Sqm: 1614sqm

Axia Corporate Property is pleased to present 19 Essex Street, Fremantle ‘For Sale’ by ‘Offers to Purchase’.

The arrival of the property to the market provides astute investors with a seldom available opportunity to procure a well leased, multi-tenanted complex, within the heart of Fremantle’s hospitality, entertainment and retail precinct.

More specifically, the property is located along arguably one of Fremantle’s most prominent thoroughfares, metres from the iconic Fremantle Markets, The Esplanade Hotel, South Terrace Cappuccino Strip and Fisherman’s Wharf.

Investment Highlights

  • Fully leased investment ^
  • Large site of 1,614m2* with underlying land value
  • Significant and well maintained improvements of 2,257m2*
  • Mixed use asset; incorporating retail and office
  • Very flexible “City Centre” zoning providing for a variety of uses
  • Excellent exposure via generous frontage to Essex Street
  • Solid income stream
  • Programmed reviews underpinning robust income
  • DA approval in place for eight (8) short stay apartments and rooftop terrace on existing land.

Specifically, the complex comprises four (4) ground floor tenancies, three (3) of which are retail orientated and another an educational training facility.  A secure swipe accessed foyer fronting Essex Street incorporates an elevator and staircase, providing access to the upper level of the complex which houses five (5) office / consulting tenants.  Tenants are afforded secure on site parking located at the rear of the complex and accessed via a registered easement of Norfolk Lane.  An extensive refurbishment of the building was undertaken in 2013.

Zoning

The City of Fremantle advises that the property is zoned “Central City Zone” under The City of Fremantle’s Local Planning Scheme No. 4 and is located within the Fremantle Port Buffer Area 2.

Further, the property is located within the Cultural Fremantle Heritage Area and individually listed accordingly with a Heritage 2 index applied to the Essex Street façade.

Existing Development Approval

The Seller has Development Approval from the City of Fremantle to construct a four (4) level tourist accommodation complex comprising, eight (8) apartments and roof terrace with additions and alterations to the existing building.  A copy of the DA and plans detailing the proposed development will be made available as part of any due dilligence.

Tenancy Details

The property is currently leased to eight (8) tenants, all of whom have varying option periods and review mechanisms (current passing income is $292,345 p.a. Net – excludes rental guarantee on Unit 2 vacancies).

A rental guarantee of $50,000 Net is provided by the Seller for Unit 2 for up to a period of 12 months unless the Unit is leased earlier.

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 on 0418 930 504 or Wayne Mitsikas on 0413 599 655.

^ Inclusive of rental guarantee
*approximately

Price:Offers to Purchase
Address:19 Essex Street
City:Fremantle
State:WA
ZIP:6160
Square Feet:2257sqm
Lot Square Feet:1614sqm
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