Perth Cafe Investment Sold for $1.29 Million
A tenanted ground floor strata-titled café/retail suite on a long-term lease to a hospitality operator in the Perth CBD has been sold by Ray White Commercial WA for $1.29 million.
The property with an approximately 190 sqm lettable area on the ground floor of 255 Adelaide Terrace, Perth, was sold to a private investor by Ray White Commercial WA Director Stephen Harrison on behalf of a private owner for a yield of 6.6 per cent.
Stephen Harrison said the investment opportunity was within a modern building only metres from St Georges Terrace, the Perth foreshore, the Duxton Hotel and multiple significant office buildings.
“This property offered tremendous security for an investor with the current tenant on a lease until June, 2023, with a five-year option,” he said.
“The weighted average lease expiry (WALE) is six years and the property returns net rental income of approximately $86,000 per annum.
“There is currently a strong demand for investment stock with a decent WALE and a reasonable tenant. We have seen strong demand from private investors happy to buy strata-titled provided it ticks the boxes on return and lease term.”
The Adelaide Tce tenancy offers internal space of approximately 129 sqm with an exclusive alfresco terrace of approximately 61 sqm.