Retail property in Perth’s Mount Pleasant sells amid strong demand for the property type

• A dual-tenancy retail property at 76 & 78 Cranford Avenue in Mount Pleasant has sold amid strong buyer demand for retail assets
• The asset was purchased for $2.96m in a deal negotiated by Knight Frank
• The property consists of a fully leased dual tenancy retail complex with 308sq m of floor area on a 424sq m site. The 79sq m tenancy on the left is occupied by The Bakehouse and The Fruit Basket occupies the right hand tenancy with a net lettable area of 229sq m
• The property is part of a very popular café and retail strip on the corner of Cranford Avenue and Moolyeen Road, which includes The Good Grocer as one of its major drawcards
• The sale campaign yielded more than 85 enquiries and sold at a 6% yield

Perth, Australia – A retail property in Perth’s south has sold in a deal demonstrating the high level of demand for retail assets in Western Australia.

The property at 76 & 78 Cranford Avenue in Mount Pleasant was sold for $2.96 million following an Offers to Purchase campaign run by Knight Frank agents Cory Dell’Olio and Tony Delich.

It consists of a fully leased dual tenancy retail complex with 308sq m of floor area on a 424sq m site. The 79sq m tenancy on the left is occupied by The Bakehouse and The Fruit Basket occupies the right hand tenancy with a net lettable area of 229sq m.

The property is part of a very popular café and retail strip on the corner of Cranford Avenue and Moolyeen Road, which includes The Good Grocer as one of its major drawcards,

The asset has 14 metres of frontage to Cranford Avenue, with both tenancies also having access from the rear lane, which is a ROW (right of way).

Surrounding car bays are common to all tenancies within the retail precinct and are located on Council land.

Mr Dell’Olio said the sale campaign for the Mount Pleasant property yielded more than 85 enquiries and sold at a 6% yield.

“This sale demonstrates the high level of interest from both private investors and occupiers in retail property in Western Australia that we have been seeing for some time,” he said.

“The drawcards for this particular retail asset were its positioning within a strong trading retail strip in a busy catchment, in addition to the stable tenancies in place, with a long-term history within the complex.

“It is not often that a retail offering within such a busy precinct becomes available, hence this asset was in high demand.”

Mr Delich said the Mount Pleasant location was also attractive to buyers.

“It’s a busy precinct, with plenty of exposure to passing traffic, and Cranford Avenue intersects with Leach Highway, providing direct access to the Kwinana Freeway and the Perth CBD,” he said.

“The neighbouring Brentwood Primary School also creates a large traffic flow and secure catchment base for the retail strip. “There is strong surrounding amenity and convenient transport via bus, trains and the freeway network.”