A fully leased retail-office strata in the Perth CBD has been sold for $1,125,000 by Ray White Commercial WA.
Agent Stephen Harrison says the sale of 1/171 St Georges Terrace represents a yield of 6 per cent for the property, which has a four-year weighted average lease expiry.
“The ground floor is leased to Croissant Express and the top-floor lease is to an insurance brokers’ firm,” Mr Harrison says.
“The premises pick up trade from Brookfield Place and directly from St Georges Terrace.
“The property is located directly opposite King Street and from the first floor you can see from one end of King Street to the other.”
Mr Harrison says the property was sold to a Singaporean investor on behalf of the private owner, who had previously occupied the premises to operate her own travel agency.
Ray White Commercial research in 2017 has found food retailing is the largest growth segment of the Perth retail trade.
The Perth retail property market is performing well despite the overall uncertainty across the WA economy, according to the Between the Lines Perth High Street Retail Strips July 2017 report.
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