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INGLEWOOD SALE SETS BAR FOR YIELD AND DEVELOPMENT

As published in The West Australian, Wednesday, 26th July 2017

A recent and lucrative sale of a prominent Inglewood corner site on Beaufort Street represents a sub-four percent annual yield according to Axia Corporate Property sales executive, Franco Gangemi who procured the transaction earlier last month.

Sold off-market to a private investment group for over $2.6million, the 1,012 sqm site at 846 Beaufort Street houses four existing retail shops which will likely benefit from a major upgrade to the building as planned by the owners.

Experienced retail property investors, with a track record for refurbishing retail assets in WA, the new owners identified the area’s rich potential as a sought-after location by retailers and customers alike, together with the short- to medium-term upside of a refurbishment to the building and long-term view for a multi storey development.

Other attributes include the property’s location on a major arterial thoroughfare, just 4.3 kilometres from the CBD, and neighbouring Mt Lawley.

“Properties of this calibre on such a prominent retail strip, are actively sought, eagerly contested, and seldom offered,” says Mr Gangemi.

“This is an extremely tight-knit precinct, with many properties being held in generational ownership.

“The Inglewood precinct has proven its worth by the continual high volume of enquiry we receive from the operators seeking to procure premises in this high-growth catchment, with strong trading performance from a number of retailers,” he said.

Mr Gangemi says the site offers superb flexible mixed-use zoning with a number of multi- level developments having just been completed or awaiting council approval.

“Tenants are attracted to Inglewood by its excellent local amenity, low cost-base as opposed to neighbouring Mt Lawley and significant growth potential via continued development,” he says.

“The Inglewood end of Beaufort Street is becoming increasingly popular with emerging retailers and this can be reflected in some buildings we fully leased to some pioneering businesses in the retail arena recently, achieving average rents of $500 per square metre.”

Axia Corporate Property has also been appointed to project manage the refurbishment and asset management of 846 Beaufort Street, Inglewood.