BUYERS have an outstanding chance to purchase one of the very few remaining substantial development opportunities on the Esplanade Park waterfront in Fremantle as 1 Howard Street hits the market via an expressions of interest campaign.
The 440sq m* building is currently 66 per cent leased and has a net passing income of $80,764 per annum with a potential fully let net income of $116,519 per annum.
The property is being marketed and sold by Ray White Commercial (WA) Senior Property Advisor Brett Wilkins.
“The asset offers the opportunity for development with the local council encouraging the potential for a three-storey mixed-use development in the future (STCA),” Mr Wilkins said.
“It’s beautifully located in the heart of Fremantle opposite the fishing harbour on Marine Terrace and this building offers multiple opportunities.
“These include an owner-occupier with 144sq m* vacant now and short-term leases on the balance, development of light weight upper levels for residential or offices, a complete new development, or an investor may wish to consolidate the existing tenancies and lease out the balance and maintain.
“Mixed-use developments are everywhere in the area with hotels, residential, offices, and is close to the ‘cappuccino strip’ – while also being directly opposite the fishing boat harbour.”