High-profile retail units sell for total of $12.85 million

Four retail lots as part of The Towers at Elizabeth Quay have sold for a total of $12.85 million.

Located at 11 Barrack Street, Perth, the properties were sold to a private local investor and a private investor from Hong Kong.

Lot 276 sold for $6 million with a 5 per cent yield. The property is currently tenanted by Six Senses Thai restaurant with a ten year lease.

Lot 278 sold for $4 million with a 6.1 per cent yield. The property is currently occupied as a sales office by Perth FEC with 3 years  left on the lease.

Lot 279 sold for $1.505 million with a 5.4 per cent yield, currently leased to Cargo Convenience for tenn years.

Lot 280 sold for $1.345 million with a yield of 5.4 per cent. The property is currently tenanted by Lucky Necko  Japanese restaurant with seven years left on the lease.

The properties were all marketed by Ray White Commercial WA agents Brett Wilkins and Phil Zioti on behalf of Far East Consortium.

“The property is in a premium location of Elizabeth Quay and enjoys unparalleled, panoramic views of the Swan River,” Mr Wilkins said.

“The tenancies hold long leases and are well connected for business, tourism and leisure.”

Completed in 2019, Mr Zioti said The Towers at Elizabeth Quay enjoy high profile exposure as a landmark on the city’s skyline.

“The property is sitting alongside the new Ritz-Carlton, the new headquarters for Chevron and, with over $2 billion of development in the area, this is as gilt-edged as it can be,” Mr Zioti said.

Mr Zoiti found the Hong Kong buyer from his many International contacts and repeated business trips to Hong Kong.

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