27/07/2022 - 14:44

Vans Cottesloe sells for $4.8m

27/07/2022 - 14:44

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The building that Napoleon Street cafe Vans occupies sold for a record price for the strip, changing hands after close to 70 years of ownership.

Vans Cottesloe sells for $4.8m
1-7 Napoleon Street Cottesloe.

The Carew-Reid Family has sold Vans Cottesloe for $4.825 million to private investors, a record sale price for the street.

The Napoleon Street cafe and neighbouring Esola Jewellery sold to Jasara Nominees Pty Ltd, which the Australian Securities and Investments Commission shows is directed by Nunziata and Paolo Algeri, of Oldbury.

The 382 square metre property fetched $12,630/sqm and has an investment yield of 4 per cent.

The last time the asset changed hands was in 1954. It has passed through two generations since.

LJ Hooker Commercial Perth’s Jack Bradshaw and Vincent Siciliano brokered the deal on behalf of the Carew-Reid family.

“The family had owned the iconic property for nearly 70 years and [numbers] one to seven Napoleon Street is the crown jewel in the best performing neighbourhood retail strip in Perth,” Mr Bradshaw said.

He added that COVID had reinforced the role and popularity of retail shops as a place people wanted to connect with their local communities.

“Despite negative press, international events and interest rate rises, this result shows a strong appetite still for well-located retail leased investments,” Mr Bradshaw said.

Ric Olivieri, of Axia Corporate Property, introduced the buyer to the site.

“The location and constant loyal patronage to this popular high street precinct is unmatched, the addition of these properties to my clients already existing Napoleon Street holding is very much welcomed by the family,” Mr Olivieri said.

Both Vans Cafe and Esola Jewellery plan to remain as tenants on long-term leases.

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