Hay Street Mall building sold for $2.9m

Colliers International has sold a property in the heritage-listed Gledden Building on Hay Street Mall to an overseas buyer for $2.9 million.

The property, located at 731 Hay Street Mall, was purchased at yield of 6.3 per cent.

Colliers associate director Tim Scott said the business occupying the property, Fitch’s Pharmacy, had been operating in Perth for about 70 years.

“This provided a level of comfort to the buyer as to the lease covenant,” Mr Scott said.

“The ground floor property also featured Hay Street Mall frontage, which makes it very attractive to buyers and future potential tenants alike.”

Colliers head of investment services Wayne Lawrence highlighted how the transaction occurred despite the current retail climate brought about by COVID-19.

“(It)… demonstrates continued buyer interest in a securely leased, well located investment property, no matter what the asset class,” Mr Lawrence said.

“At a rate of over $42,000 per square metre we believe this is a record for a Peth CBD mall property.”

Additional deals over the past fortnight 

Six-day Subi heritage sale

LJ Hooker has sold a Subiaco heritage property located at 59 Hamersley Road for $2.6 million within six days of listing.

The 300sqm property is leased to Bupa Dental on an initial 10-year term, with two five-year options.

The property was the most viewed WA property listed on real estate portal realcommercial.com.au, according to LJ Hooker.

Medical moves on Richardson St

A six-bedroom, one-bathroom house with 12 car spaces at 43 Richardson Street in West Perth has sold off-market for $1.8 million to a medical specialist in the women’s health industry.

LJ Hooker principal and director Brian Neo said the property was sold at a loss, having been purchased two years ago for $2.1 million.