23/07/2021 - 19:36

Sale of iconic 790 Hay Street anchored by Apple puts emerging Truway Property Group on the map

23/07/2021 - 19:36

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The sale of one of Perth’s most prestigious retail properties is set to spark a bidding frenzy as 790 Hay Street comes to market.

Truway Property Group are acting as the exclusive selling agents for the owners of this highly sought-after investment asset, built at the turn-of-the-century, and are already receiving strong interest for this extremely rare opportunity to own such a jewel in the property crown of the Perth CBD.

Known colloquially as the Apple Building (as it has been home to the iconic brand for the past few years), the building is a rarity because it has front and back tenants. To the rear, The Spaniard bar occupies the licensed venue backing onto Wolf Lane, and on the first floor above the Apple store, there is office space (currently also occupied by Apple).  There is also a generous basement which is included in the sale.

The building has been brought to market by Jacques Loots, director and principal licensee of Truway Property Group. Mr Loots has over 25 years of diverse property experience, spanning across several continents and property disciplines.

“It’s hard to underplay the street appeal of 790 Hay Street,” says Mr Loots. “Built in 1910, the upper part of the building represents a confident expression of Australian architecture, perhaps reflecting the fact Australia became a nation on January 1, 1901.”

The building has had a varied historical past over the years, being home to the Metropolitan Dental Company (which claimed to be the biggest of its type in the Southern hemisphere) and Matthew Goode & Co (one of a chain of stores from Adelaide to Broken Hill) in the late 1920s.

“Marketing such an important property requires an understanding of the unique investment attributes of the Perth commercial real estate market. The current buoyancy in the market combined with the prominence of investors eyeing high profile Perth real estate as a safe harbour for investment, are strong leading indicators to suggest that interest will come from a wide variety of astute investors both locally, intestate and international.

“We rarely see this premium class of core CBD freehold assets for sale, anchored by a global brand,” says Mr Loots. “It’s incredibly rare – especially when you consider 790 Hay Street has not been offered for a long time. It is already driving a considerable amount of interest from the market, especially now with COVID-19’s far-reaching global impact – premium real estate in Perth is very much in high demand.”

Mr Loots and his colleagues have been investing and managing diverse assets in the Perth commercial and retail real estate sector since the mid-1990s. Truway Property, which he launched in October 2020, may be a new name on the real estate scene, but collectively its team are among some of the most experienced and knowledgeable around in this highly specialised space.

“I’ve been involved with the ownership group of 790 Hay Street and their property portfolio for over a decade, so when the opportunity arose to bring this important property to market, it was the perfect time for us to launch Truway Property too,” says Mr Loots.

“It’s hard to imagine a more prestigious brand to be associated with than Apple, so we are very proud to be managing the sale of the building which they have called home in Perth for so many years.”

A high profile marketing campaign has been created to promote the sale 790 Hay Street, involving print advertisements, a bespoke marketing and a blitz on Australian media channels to showcase this high profile investment opportunity.  

Those who may be in the market to snap up this gem are invited to get in touch with Truway Property with expressions of interest – and competition is expected to remain fierce for such a rare chance to own this prime piece of CBD real estate.

The rarity of this opportunity cannot be underestimated, believes Mr Loots. In addition to the ultra-appealing VIP major tenant in place to the front of the building, and existing tenants to the rear, there is also the opportunity for additional plot ratio which would increase the net lettable size of the building.

“It’s a unique site, in the heart of Perth with several square thousand metres of lettable space included, as well as the highly desirable addition of a liquor license included in the sale,” says Mr Loots.

Truway Property believe that by managing assets as if they were their own gives them the edge over other established property groups. This personal – and passionate – approach contributes to ensuring that all their clients are given the best possible outcomes when it comes to portfolio management.

“We are a newly created aspirational property management group, who are progressively considering new investments, property management and leasing opportunities in Western Australia and around the country,” says Mr Loots. “It is an especially wonderful opportunity to market and sell 790 Hay Street, as it coincides with the launch of Truway Property Group’s capability to the market.”

For more information, visit www.truwayproperty.com

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