The CBD building at 454 Murray Street, home to long-standing Perth restaurant Fast Eddys, has been offered for sale in a marketing campaign run by Colliers International.
The sale of the landmark building, best known as the late-night venue for hamburgers and shakes, will be overseen by Colliers International’s Shane Isaacs, who said there would be strong demand to secure the prime site.
The freehold sale will include the single level restaurant and its alfresco area, which occupies a 465sqm site on the corner of Milligan and Murray streets.
“City-centre sites are among the most tightly held assets in Perth’s commercial property market and we are expecting strong demand from buyers looking for leased investments with significant holding income,” Mr Isaacs said.
“With a plot ratio of 5:1, the property’s redevelopment potential in a newly activated part of the city will also attract local and offshore developers."
Mr Isaacs said the property was just 150 metres from Perth Arena, which anchors the western end of Perth City Link, the infill project on reclaimed land between the city and Northbridge.
“The extension of Milligan Street into Perth City Link has also made it one of the key access roads to Perth Arena and the Kings Square office precinct,” Mr Isaacs said.
“Nearby developments being built on Murray Street, next to Shafto Lane, include Fragrance Group’s 28-storey hotel and the 31-storey NV Apartments."
Fast Eddys has occupied the CBD corner site since the early 1990s and its tenancy runs until June 2019 and includes three six-year renewal options.
The property at 454 Murray Street will be sold by offers invited, which close on June 13.