Perth’s Adairs and Early Settler commercial asset for sale

EXPRESSIONS of interest are being sought for a blue-chip investment offering secure income from national tenants Adairs and Early Settler at 8 William Street in Perth’s Beckenham suburb.

The asset, that comes with a 2,140sq m* building area and 3,442sq m* land area, offers astute investors with significant depreciation allowances.

The site is marketed by Ray White Commercial (WA) Principal and Director Russ Parham, Director Chris Matthews and Sales and Leasing Agent Lachlan Burrows.

Mr Parham said the property was in an established destination for bulky goods and retail that services the south-east and south-west of the Perth metropolitan area.

“The asset was refurbished and upgraded last year to accommodate the new tenants who are well-recognised national retailers, providing a secure income stream for a minimum of 6.5 years, with five-year options,” he said.

“Given the state of the WA economy, which has bottomed out and is now clearly on a significant improvement cycle with many new resource and infrastructure projects leading the long overdue economic recovery, the property is an attractive investment in the future.

“With such low interest rates, the property will certainly provide a positive cashflow even if 100 per cent geared against other equity, so it represents a very sound investment that’ll provide a significant return on investment.”

Mr Burrows said the showroom premises was constructed in 2002 and divided into two tenancies with development approval from the City of Gosnells.

“There were significant upgrades to floors, lighting, installation of ceilings and glass frontages completed in 2018,” he said.

“The property includes an upstairs mezzanine office area which isn’t utilised at the moment and the site will appeal to an astute investor looking to significantly grow their portfolio.

“It’s not every day you have the chance to buy an asset that has two national tenants, and the passing rent of $434,250 + GST p.a. will be a real drawcard for buyers.”

Mr Matthews said the property was surrounded by significant ‘destination outlets’ including Bed Shed, Spotlight, Good Guys, Anaconda, BCF, Nick Scali, Freedom Furniture and many other well-known national brand outlets.

“As the capital city of one of the world’s most significant mining regions, Perth is rapidly growing in lifestyle, population and economic prosperity,” he said.

“The greater Perth region is in the midst of an exciting period of expansion and new developments, so it’s an ideal time to invest.

“The large scale capital works projects throughout the city and surrounding areas means Perth will change dramatically over the next ten years, better reflecting the growing global importance of the city.”

*Approximately.