Overseas interest in city auction

A PROPERTY on the Hay Street Mall, linked at basement level to the City Arcade, will be auctioned this week with bids expected around the $6 million mark.

The property is being marketed by Raine & Horne Commercial and according to managing director Peter Vetten there has been a good response to the property, including overseas investors keen to find safe property investments with strong leases.

“Recent sales in the sub $6 million category are rare in the mall as most of the larger properties, for example Carillion and City Arcade, are owned by large corporate players,” Mr Vetten said.

“Most of the others have been owned by families for many, many years and don’t come onto the market for sale.”

In other city retail sales, the building currently occupied by McDonald’s Family Restaurant adjacent to the Hoyts Cinema City Complex is up for sale.

The property, available through expressions of interest through Knight Frank, has become available as a result of McDonald’s decision to move its flagship store to the corner of Hay and Barrack streets.

Knight Frank selling agent Tony Delich said the building was zoned ‘Shopping CS’ and could be utilised for retail, office or residential purposes. The plot ratio of 4:1 means the site has redevelopment potential.

“This building is in excellent condition, has a prime CBD location and will appeal to restaurateurs, other retail/commercial owner-occupiers, investors and developers,” Mr Delich said.

“It has excellent exposure to retail traffic flows, with its close proximity to Barrack Street and the Hay Street Mall and the adjoining cinema complex, plus it will benefit from the redevelopment of the Perth Town Hall Precinct.”