Freo icon sells for $18.2m

The iconic South Terrace Piazza in the heart of Fremantle is changing hands for the first time in 33 years.

Local developer Yolk Property Group has purchased the retail asset, which occupies a 3,778sqm site, for $18.2m in a generational transaction.

Fronting the prime South Terrace retail strip, the Timezone-anchored property has an NLA of 3,915sqm and is home to a range of retail, hospitality and office tenants across two floors.

CBRE’s Derek Barlow negotiated the divestment on behalf of the private vendor, following an Expressions of Interest campaign that received a range of competitive bids from local and eastern-state buyers.

“It is fantastic to see the property selling to such an active contributor to the Fremantle development and cultural sectors,” Mr Barlow said.

“Yolk have exciting plans for restoring this site to its former glory which, given the property’s important position at the heart of the city, will add further tailwinds to the renaissance of Fremantle already underway.

“The Piazza links through to the recently-developed Kings Square, which is Fremantle’s largest ever public-private project. That contributed to significant interest from investors keen to secure the Piazza, a centrepiece of the city, in such a pivotal moment.”

The site has extensive frontages to South Terrace and Paddy Troy Mall, with the Piazza’s Timezone having been in place for four decades.

“This transaction highlights the investment appetite that developers and investors still have for quality assets with development upside,” Mr Barlow added.