Cottesloe Lamonts building sells for $3m

The building that houses Lamonts Wine Store in Cottesloe has sold for $3.1 million to local investors in an off-market deal.

Former Automotive Holdings Group non-executive chair Robert Branchi, bought the two-storey building at 12 Station Street, via Orient Holdings Pty Ltd, with Gay Branchi. 

Paul Sprague and Static Nominees Pty Ltd, which Mr Sprague is a major shareholder of, sold the asset. 

The building, on 410 square metre strata titled site on 405sqm of land, is fully occupied with long-term tenants including Lamonts bar and restaurant, a Pilates studio and a law firm.

Axia Corporate Property represented the buyers, who plan to hold the asset as an investment.

The deal follows the sale of 1-7 Napoleon Street, which houses Vans Cottesloe, for $4.825 million last year.

Axia acted on behalf of the buyers in the Napolean Street deal, local investors Nunziata and Paolo Algeri.

“We were confident we could satisfy the needs of both clients, who were independently looking to invest within the Cottesloe commercial sector,” Axia Corporate Property director John Garland said.