A high-exposure site with strong multilevel future development potential in an emerging and vibrant Perth precinct has been sold for $3.2 million by Ray White Commercial.
The retail premises at 428 William Street, Perth, is on a 486sqm site at the corner of Robinson Avenue with a building area of 300sqm.
The current tenant is on a new 5+5+5 year lease and the property returns a net rental income of $138,000 per year, with 4pc annual increases.
Mr Wilkins says there were 55 inspections and multiple offers in the expressions-of-interest campaign leading up to the sale.
“This demonstrates the significant demand for property in the Northbridge precinct and tightly held William Street,” he says.
Mr Harrison says the underlying land value of 428 William Street supports the price achieved.
“There is increased demand from investors in the $1 million to $5 million price bracket,” he says.
The site is less than one kilometre from the bustling Beaufort Street-Mount Lawley-Highgate retail strip — the largest of Perth’s prime retail strips with a total floor space of 16,844sqm, according to Ray White Commercial’s Between the Lines Perth High Street Retail Strips July 2017 report.
The report found the Perth retail premium strips were highly sought by investors and owner-occupiers and there was no doubt the worst years of the strip retail market were in the past, Mr Wilkins says.