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 vendors were Perth private investors who previously occupied the building.
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. The building also has a three-room consulting suite 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.”