Retail building on Claremont’s Bay View Terrace sells for $4 million

Colliers International sells retail building next to Claremont Quarter

The owners of Claremont Quarter, Hawaiian and Queensland Investment Corporation, have added to their Claremont footprint with the purchase of an historic building that shares a boundary with the western suburbs shopping centre.

In a transaction that settled on September 7, Hawaiian and QIC paid $4 million for the two-storey retail building on a 193sqm site at 21 Bay View Terrace.

The sale was negotiated by Colliers International’s Tory Packer and Ben Tana, who said the acquisition was part of a long-term plan to activate the corner of Bay View Terrace and St Quentin Avenue.

The partially leased 340sqm building has a 141.8sqm ground-floor tenancy and a 29.8sqm basement that was previously home to Witchery. It has a basement retail space with frontage to St Quentin Close and a rear level-one space that is leased until 2025 to established men’s fashion retailer Highs and Lows and a jeweller.

It also has a three-room consulting suite which includes a balcony overlooking Bay View Terrace that is leased to an osteopath.

Ms Packer said the sale of the Claremont property, which is nestled between Claremont Quarter and Bay View Terrace, generated strong interest and the building sold before the end of the campaign.

“This building occupies a prime location in the western suburbs and benefits from its strong exposure to foot traffic from Claremont Quarter, one of Perth’s premium fashion and retail shopping centres,” Ms Packer said.

The building has a town centre zoning and according to construction estimates, was built early in the 1920s.

Mr Tana said Claremont’s shopping precinct had a stronghold on local, national and international brands and its reputation as a prime retail destination ensured strong interest among commercial property investors.

“Claremont’s coastal location and its high level of amenity have also made it a key location for high-end infill apartment developments,” Mr Tana said.

“With 750 new homes being developed at LandCorp’s Claremont on the Park, which is only 200m from Bay View Terrace, there will also be a new supply of people visiting the retail precinct.”
 

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Tory Packer

Director

Perth

Tory has been in the commercial property business with Colliers International (WA) for over ten years. Throughout this time she has assisted in the management and sale of properties for high profile clients and government departments.

Tory has completed a Bachelor of Laws and Bachelor of Commerce degree majoring in Corporate Finance at the University of Western Australia. She is a licensed Real Estate Agent and a member of the Real Estate Institute of WA.

Tory has been an appointed agent on successful sales and marketing campaigns for the disposal of mixed-use and commercial assets. Investment services transactions negotiated recently by Tory include a number of tenanted investments, heritage refurbishment opportunities, existing buildings and residential, commercial and mixed-use development sites.

Tory has also undertaken frequent acquisition work on behalf of purchasers seeking to secure offmarket assets, and has developed comprehensive negotiation skills.

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