The arrival of this property to the market provides a seldom available opportunity to acquire a freehold asset located within arguably Western Australia’s premier entertainment and hospitality precinct, on the doorstep of the Perth CBD.
The property has been held in one ownership for in excess of 30 years, hence the sale of the property offers a once in a lifetime opportunity.
The offering comprises a freehold land holding of 431sqm* supporting improvements of 198.7sqm* and associated parking. The tenant, which has been in possession of the property since May 2014, operates a small bar/restaurant/tavern and has converted the parking area into a forecourt, to capitalise on the enormous trading potential of the location. The improvements have been tastefully configured and refurbished to accommodate a vibrant and in-vogue venue, which has become a very popular destination and contributed to the success of the establishment.
INVESTMENT HIGHLIGHTS:
– Fully leased freehold property
– Extremely tightly held locality
– Located within Western Australia’s premier entertainment and hospitality precinct
– Secure income stream with very generous programmed reviews
– Located directly opposite proposed Edith Cowan University campus, Perth Bus and Train terminals
– Superb future redevelopment potential
– Outstanding connectivity to major transport networks
– Very versatile “City Centre” zoning allows for a variety of uses and redevelopment options
– Rear Right of Way (Nicks Lane)^
The property is strategically located 150m* West from the intersection of Roe and William Streets, providing for outstanding exposure to both pedestrian and vehicular traffic. Furthermore, the property will undoubtedly benefit from the $695 million* Edith Cowan University Campus which is proposed for directly across the road from the property.
ZONING
The City of Perth advises that the property is zoned “City Centre” Precinct 1 Northbridge which allows for a variety of uses and future redevelopment potential. The height limit on the redevelopment is currently 40 metres with a plot ratio of 4.0:1.0. Proponents must undertake their own due diligence with relevant authorities as to the zoning and development potential.
TENANCY
The property is leased to a small bar/restaurant/tavern operation, trading as “The Standard”, with the tenant having been in occupation since May 2014. The current lease term expires on 30th April 2026 with no further option terms.
Current Net Rental is $133,960 p.a. with the tenant paying outgoings.
Further tenancy information and lease details can be provided upon request.
SALE PROCESS AND AUCTION DETAILS
The property is to be sold by Public Auction on 30th November 2022 to be held in the Jarrah Room of the Double Tree Hilton, 100 James Street, Northbridge, commencing at 10.30am.
For further information on this exceptional offering, and a copy of the Information Memorandum, please contact the joint selling agents.
^The ROW (Nicks Lane) is privately owned by a different entity than that of the subject property . All proponents must undertake their own due diligence and make their own enquiries with the relevant statutory authorities with respect to legal access rights. Neither the Sellers nor their Agents make any representations whatsoever, regarding the use, accessibility or any other matter in respect of the ROW (Nicks Lane).
*Approximately
