NEWS

Spearwood property with secure, long-term tenants goes to market

Mix of tenants and high-profile site on Rockingham Road adds to investor interest.

Expressions of interest have opened for a long-held commercial property that includes a popular liquor store and a service station on a busy, mixed-use strip in Spearwood.

The 3036sqm property at 333 Rockingham Road is leased to Vibe Petroleum and Aussie Liquor Discount and will be taken to market by Colliers International’s Jeremy Parasiliti who said the secure leases to established tenants would ensure strong interest from investors.

“This asset is close to Phoenix Shopping Centre, Coogee Beach and sporting and recreational facilities and its mix of tenants will appeal to investors looking for a diversified investment,” Mr Parasiliti said.

Vibe Petroleum, which has 25 outlets in Perth and is expanding, is paying $154,963 per annum, plus outgoings and GST. It has signed a lease extension until 2028 with three five-year options.

Aussie Liquor Discount, which has four stores south of the river and a growing online presence, will take on a new 10-year lease with two five-year options at $100,000 per annum, plus outgoings, plus GST.

333 Rockingham Road Spearwood

The property also earns income from an advertising signboard that is leased until 2024.

Mr Parasiliti said the property had been a strong performing asset and had been held by its current owners for 35 years.

“The liquor store is a well-known outlet in the area and both businesses have benefitted from commuters on Rockingham Road and residential growth in the surrounding area,” he said.

“The Western Australian Planning Commission has also approved a structure plan for a 190-dwelling residential development on cleared land that wraps around the property and there is also a preliminary plan for a retirement village on an empty block on the southern side of the property.

“We are expecting this property to generate offers from private investors, syndicates and from self-managed superannuation funds.”

Expressions of interest close on November 8.

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