Melbourne’s Mimco in prime Perth

Sep 12th, 2014

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Article by:
Lisa Davis

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LEASE Equity (08 9426 1777) is currently marketing a prime shop in one of Perth’s most prestigious suburban retail strips. The site, at 14 Bay View Terrace, Claremont, goes to auction on Thursday 2 October at 11am, at Perth Town Hall in Barrack Street.

The subject property comprises a single level strip shop, boasting an exceptional high-exposure location, directly opposite the Claremont Hotel and the entrance to the Claremont Quarter. Neighbours include David Jones, Coles, Rebel Sport, JB Hi-Fi, Westpac, Commonwealth Bank, Bunnings, Zomp, Kookai, Morel, Marie Claire, Oroton and Koko Black. The agents report that the area is tightly held and therefore expect a lot of interest in the property, which has been held by the current owner for about 18 years. They say that the last sale in the precinct transacted in 2012, with a yield around 5 per cent.

“The surrounding catchment boasts some of Perth’s most prestigious residential suburbs, including seven of Perth most exclusive private schools, so there is a high level of expendable income,” Lease Equity managing director Jim Tsagalis said.

“Also, accessibility to the locality is fantastic — it’s serviced by Stirling Highway connecting Fremantle to Perth CBD, the Claremont train station is nearby and there is an abundance of parking in the area. It’s extremely accessible for patrons.”

The property is leased until 2017 to international retailer Mimco, a luxury bag and accessories boutique with 92 outlets nationally as well as five in New Zealand.

“It’s not everyday that assets of this quality become available. Not only will the buyer benefit from long-term capital growth but single-tenant properties with a covenant as strong as Mimco are an extremely rare commodity,” selling agent Luke Pavlos said.

For more information, contact Luke Pavlos on 0420 880 880.

Source: www.prw.com/subscriber/index.html

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