A retail property in Baldivis, anchored by bottle-shop First Choice Liquor, has sold to a private investor for $7.9 million.
The sale was brokered by Vend Property managing director Jeff Klopper on behalf of owners Redcliffe Holdings and Auspacific.
Mr Kloppers said the sale achieved a yield of 6.04 per cent.
The property, located at 5 Settlers Avenue, was sold via auction earlier this week and is subject to a 15-year lease to First Choice Liquor.
Meanwhile, a new medical centre is set to be established at Cottesloe Central, after Azure Medical Cottesloe signed a lease to take up 415 square metres on level one of the centre.
The deal was brokered by Colliers International.
The medical centre will comprise a full-service GP practice with a focus on preventative medicine, anti-obesity, anti-ageing and executive health.
Colliers International retail leasing executive Tim Scott said the group had signed a nine-year lease over the premises.
Also in the commercial property space this week, Central Institute of Technology and Secure Parking are gearing up to move into a recently completed building at St Johns Lutheran Church in Northbridge.
Project management and town planning consultants Rowe Group managed the $7.5 million development on behalf of the church.
A leasing campaign for a pair of retail tenancies in the building, handled by JLL, is ongoing.
Rowe Group senior project manager Abdul Mousli said the initial plan was to build a four-level building with an underground car park, but it was eventually scaled back to include a hall for church use and three retail or commercial tenancies and the car park.
Mr Mousli said the redevelopment also included a concealed concrete slab in the first floor.
“The concrete slab has ‘future proofed’ the site by enabling an easier and cleaner build when the church decides to add a second or third level in the future,” Mr Mousli said.
The building is located on Aberdeen Street adjacent to the historic 78-year-old St Johns Lutheran Church.