A company led by Alan Bond’s son John Bond has sold Subiaco’s former Sapphire Bar for $4.5 million.
A company led by Alan Bond’s son John Bond has sold Subiaco’s former Sapphire Bar for $4.5 million to a private investor.
The building contains 1,114 square metres of recently renovated lettable space, occupied by Trilogy Advertising and Marketing, Accent Café, MultiCultural Language Centre, and mental health educator Zero2Hero.
The building was home to the Sapphire Bar night club until 2011, after which it was rebranded Flawless nightclub.
Ray White Commercial WA agent Michael Milne, who helped negotiate the deal, said the property attracted a lot of interest due to its main street frontage and future redevelopment potential.
“The Subiaco property market is undergoing a significant resurgence with investors, commercial occupiers and mixed-use developers buying up properties,” Mr Milne said.
“Astute buyers are attracted by Local and State Government planning and infrastructure combined with a general improvement in economic confidence.”
He said the gazettal of the City of Subiaco’s new local planning scheme provided an improved planning framework that includes higher densities in select areas.
“The implementation of the State Government’s Subi East Redevelopment Project, that involves significant higher-density renewal of land that previously housed Subiaco Oval through to the Princess Margaret Children’s Hospital, is set to include exciting mix of small and large scale of commercial, retail, hospitality and tourism development, combined with a versatile range of residential housing, an upgraded train station and the new Bob Hawke College.”