MRA sells her­itage-listed shops in Perth’s cul­tural precinct

The West Australian - - PROPERTY - He­len Shield

The Met­ro­pol­i­tan Re­de­vel­op­ment Au­thor­ity is sell­ing five her­itage Wil­liam Street re­tail prop­er­ties in the Perth Cul­tural Precinct.

MRA chief ex­ec­u­tive Kieran Kin­sella said the prop­er­ties, recog­nised by UNESCO be­cause of the work done con­serv­ing and restor­ing them from November 2009, were part of the pro­gram to suc­cess­fully re­ju­ve­nate North­bridge.

The of­fer­ing over a site area of 1133sqm has been billed by sell­ing agents Col­liers International’s Ni­cholas Agapi­tos and Tim Scott as an “ex­cep­tional in­vest­ment op­por­tu­nity”.

Each of the her­itage build­ings has been re­stored and is leased to two to five ten­ants.

The build­ings, from 260-278 Wil­liam Street and 53-55 Aberdeen Street, were in the mid­dle of the North­bridge en­ter­tain­ment precinct, the cul­tural heart of the city with a vi­brant mix of arts, mu­sic food, en­ter­tain­ment and di­rectly ad­ja­cent to the Cen­tral Tafe, Mr Agapi­tos said.

Mr Kin­sella said the sale was a sig­nif­i­cant op­por­tu­nity in the con­text of the con­struc­tion of Ya­gan Square, the new mu­seum and the Perth City Link project, “which is set to bring $4 bil­lion in pri­vate in­vest­ment to the area”.

“The award-win­ing restora­tion of Wil­liam Street has brought di­ver­sity to North­bridge and con­tin­ues to at­tract in­vest­ment, new in­dus­tries, restau­rants and busi­nesses to the area,” Mr Kin­sella said.

The build­ings are for sale in­di­vid­u­ally or as one and are sold as a go­ing con­cern. Of­fers to pur­chase close on De­cem­ber 18.

Po­ten­tial pur­chasers will have ac­cess to an on­line data room, with all in­spec­tions by ap­point­ment with the agents.

Wil­liam Street guide­lines ap­ply to the shops, in­clud­ing:

260-264 Wil­liam Street, with 142sqm at ground level and 102sqm, on the up­per floor. It has three ten­an­cies and an an­nual in­come of $98,361 net.

266-268 Wil­liam Street, with 151sqm at ground level and 157sqm on the up­per level, has two ten­an­cies and is leased for $124,812 net a year.

270-272 Wil­liam Street, with two ten­ants, has 144sqm and an an­nual in­come of $115,134 net.

274-276 Wil­liam Street, also with two ten­ants, has a 124sqm ground floor and 128sqm up­per level and a net in­come of $112,755 a year.

278-282 Wil­liam Street and 53-55 Aberdeen Street has five ten­an­cies, a net let­table area of 221sqm, and an in­come of $149,909 net a year.

The MRA-cu­rated her­itage re­tail precinct in Wil­liam Street was recog­nised in the 2011 State Her­itage Awards.

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