LOWER interest rates and competition to acquire prime retail property assets has led to a fall in yields to levels that would never have been thought of even five years ago, according to Commercial and Investment Sales director Ian Mickle.
Mr Mickle expects to have strong interest in three BankWest properties for sale in Claremont, Cannington and Victoria Park. He said strongest interest was expected for the Bay View Terrace property in Claremont, which consists of a BankWest branch and a vacant tenancy.
Claremont has always been one of Perth’s strongest strip retail areas and has achieved rents of more than $1,300 a square metre.
“The Claremont shopping precinct will receive a significant boost when the Claremont Arcade shopping centre is expanded,” Mr Mickle said.
The other two BankWest properties on the market are located on Cecil Street in Cannington and Albany Highway in Victoria Park.
The Cecil Street property is located opposite Perth’s largest regional centre, Westfield Shoppingtown Carousel, and the Victoria Park property adjoins the Heart of the Park shopping centre, which is about to undergo a $16 million redevelopment following its sale to the Prime Property Trust.
All three properties will be auctioned on June 4 2003 at the Parmelia Hotel.
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