31/01/2022 - 14:07

JJ Leach to sell CBD heritage property

31/01/2022 - 14:07

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The Mortlock Brothers Building and a Hay Street mall retail property are up for sale.

JJ Leach to sell CBD heritage property
The Mortlock Brothers Building is for sale.

Retail property group JJ Leach Group has listed two Hay Street properties for sale, including the Mortlock Brothers Building at 914 Hay Street.

The Claremont-based retail property consultant, developer and manager has listed 914 Hay Street and 663 Hay Street Mall for sale.

Ray White Commercial WA agent Brett Wilkins, who is marketing the properties, said they provided investors with an opportunity to snap up a piece of Hay Street.

“914 Hay Street is a beautiful heritage building with the basement and ground floor fully-leased,” he said.

“The first floor is a vacant office space which affords an excellent opportunity for an owner occupier or an investor to increase the income.”

The 855 square metre building at 914 Hay Street is currently leased to five tenants including Snap Fitness, Giant Bicycles Jiang's Café and Safad Investment.

Accounting firm Pitcher Partners previously occupied the first floor of the building before the firm moved to The Esplanade in early 2019.

The property, built in 1896 initially as a motorcycle showroom, is being sold via expressions of interest.

The 663 Hay Street Mall property is leased to national lingerie retailer Bras N Things, with a weighted average lease expiry of 3.63 years.

“Located in the heart of Hay Street, 663 Hay Street Mall is a fully leased retail/office investment with strong net passing income,” Mr Wilkins said.

The 217 square metre building sold for $4.8 million in 2006. 

Bras N Things occupies the entire ground floor, while JJ Leach’s Arandell Nominees occupies the first floor.

The property is being offered for sale via auction on March 17 at 10am.

“Because of increased demand from eastern state investors the property will be auctioned as part of the Ray White Sydney auction day,” Mr Wilkins said.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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