Wembley property’s commercial zoning and holding income to attract developers
A leased commercial property in Wembley, which also has redevelopment potential, is for sale through Colliers International.
The corner property at 224 Cambridge Street and 10 Gregory Street has an annual holding net income of $130,000 from three retail tenants and one office tenant.
Selling agent Ben Tana said the asking price of $2.69 million would reflect a yield of 5.0 per cent.
“There is strong demand for leased investment properties and we are expecting a good response from the market,” Mr Tana said.
“This two-titled property has a total area of 734sqm, a combined frontage to Cambridge and Wembley streets of 68 metres and a flexible commercial zoning that allows for a range of uses including mixed-use residential and commercial developments, aged care, showroom and retail.
“Just ten minutes from Perth’s CBD, Wembley is a sought-after residential area with a thriving commercial centre."
The Cambridge Street building is a popular convenience hub that was constructed in the 1950s and is occupied by a successful café, a hair salon and a mobility equipment supplier.
The Gregory Street office building is leased to an occupational therapy clinic.
Mr Tana said the property also had onsite parking and rear access to Creech Lane.
The property is located in Wembley’s commercial development corridor, which puts it 400m from St John of God Subiaco Hospital and within 1km of the Subiaco train station.