Prime properties for sale in popular James Street precinct
A pair of mixed-use properties in the heart of Perth’s premier entertainment district is coming to market for the first time in more than two decades, with Cygnet West expecting significant interest from an investor cohort hungry for inner city opportunities.
Cygnet West has been appointed exclusive selling agent for 88 and 82-86 James Street in Northbridge, which comprise ground floor retail and hospitality premises as well as three levels of office space.
The properties, which sit on an approximately 1,389sqm land holding across two titles, were last acquired in 2002 by a local private investor.
The retail space, which has 27m of frontage to James Street, is fully tenanted. The popular Mirage Karaoke bar is located at 88 James Street, while ice-cream parlour Ben & Jerry’s and fast-food outlet Nene Chicken are on the ground floor of 82-86 James Street.
Net income from the retail and hospitality tenancies totals approximately $489,000 per annum.
Office tenancies total around 2,109sqm, including three floors of around 662sqm with dual core lift access, as well as a ground floor tenancy of approximately 123sqm.
A laneway services 82-86 James Street. providing access to five secure car bays in the rear of the building.
Cygnet West’s Tory Packer and Henry Vu are running an Expressions of Interest campaign, with both properties being offered to the market in one line.
Ms Packer said she was expecting the properties to be well-received by the market.
“We recently ran a campaign for a similarly-sized landholding on Wellington Street,” Ms Packer said.
“That campaign was fiercely competitive, with more than 50 enquiries received that were converted into multiple bids.
“We are expecting a similar result for the James Street properties.”
Mr Vu said the assets would suit a wide range of potential buyers, with options to hold, occupy or redevelop.
“With this prime James Street location and City Centre (Northbridge Precinct) zoning, there are significant value-add opportunities,” Mr Vu said.