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