Yolk buys Freo Timezone site

Yolk Property Group have bought a property on Fremantle’s cappuccino strip for $18.2 million from a Northern Territory property group, indicating plans to develop the site.

Yolk bought the 3,788 square metre site at 26 – 36 South Terrace from Territory Property Group, who bought the asset in 1988 for $3.5 million from Leisure Group Holdings.

Timezone is the anchor tenant for the site, which has 3,195sqm of net lettable area and is occupied by retail, hospitality and office across two floors.

The site has redevelopment potential. 

CBRE director capital markets Derek Barlow brokered the deal, following an international expressions of interest campaign that received a range of bids from local and eastern states buyers.

“It is fantastic to see the property selling to such an active contributor to the Fremantle development and cultural sectors,” he said.

“Yolk have exciting plans for restoring this site to its former glory which, given the properties important position at the heart of the city, will add further tailwinds to the renaissance of Fremantle already underway.”

The site, at the South Terrace Piazza, links to the recently redeveloped King’s Square.

“That contributed to significant interest from investors keen to secure the Piazza, a centrepiece of the city, in such a pivotal moment,” Mr Barlow added.

Territory Property Group owns several Darwin CBD office assets, including Darwin Central, as well as retail and industrial buildings outside of Darwin.

It is understood that Fremantle was the group’s only Western Australian asset.