Strata retail property in Gledden Building offers prime exposure to CBD pedestrians
The 69.2sqm strata property is leased to established city business Fitch’s Pharmacy until October 2026 and will be taken to market by Colliers International with an asking price of $3,250,000.
Selling agents Wayne Lawrence and Tim Scott said the opportunity to buy a small retail footprint in the heart of the CBD was rare and there would be strong interest from investors.
“This shop occupies a prime site on one of Perth’s key shopping and pedestrian thoroughfares and its listing price will make it an investment consideration for a range of buyers,” Mr Scott said.
“Located at the intersection of the Hay Street Mall and William Street, the shop enjoys one of the city’s highest foot traffic counts and is close to popular retailers JB Hi-Fi and the Perth Apple Store.”
The shop fronts Hay Street Mall at the entrance to Gledden Arcade, an L-shaped arcade between Hay and William streets. It has a 5.1m frontage to Hay Street Mall and a 13.7m frontage to Gledden Arcade.
Mr Lawrence said the long presence of Fitch’s Pharmacy in Perth’s retail market and seven years remaining on the lease would also attract buyers.
“Investment demand remains strong for leased retail premises and Fitch’s Pharmacy is a well-known independent pharmacy with an established track record servicing the pharmaceutical needs of the city’s office workers and shoppers and also carries other specialities including homeopathics, cosmetics for stage performances and Homyped shoes,” he said.
The shop has a net rent of $185,000 per annum plus outgoings and GST.
The pharmacy’s namesake, Harry Fitch, purchased the pharmacy in 1935 in a two-storey building on the corner site, which was later demolished to make way for the construction of the Gledden Building in 1937-38.
According to commercial property database Cityscope, the building was Perth’s design response to the look of the Empire State Building and was named after Robert Gledden, whose financial bequest to the University of Western Australia enabled the acquisition of the 318sqm site on which it was built.
It was the highest building in the city until 1954 and was occupied by UWA for many years before being leased for retail and commercial uses.
Shop 3 at 731 Hay Street will be sold as a going concern.