Fully Leased Retail Investment
ONCE-IN-A-GENERATION COTTESLOE RETAIL OPPORTUNITY
Richard Noble & Company as Joint Exclusive Agent, is pleased to present, for sale individually or combined:
1-7 Napoleon Street, Cottesloe
19-21 Napoleon Street, Cottesloe
The portfolio is For Sale by Offers Invited closing at 2pm (AWST) on Thursday 25th March 2021 – unless sold prior.
- Combined net income: $261,472 per annum (approximate)
- 100% leased with combined WALE (area) of 6.55 years (approximate)
- Tightly held prestigious retail street
- Long standing established tenants
- 1-7 Napoleon Street – most visible corner in Cottesloe
- 19-21 Napoleon Street – potential value add with surplus land
- Footsteps to Cottesloe Train Station
- ‘Town Centre’ zoning
- Core of Perth’s most affluent demographic
- Diversified income streams
- The Napoleon Street portfolio has all the fundamentals investors look for, but rarely manage to combine:
- An outstanding retail investment located in a premier beachside suburb
- Highly visible corner location
- Less than 200 metres from Cottesloe train station
- Tenants that have long-standing and well established businesses
- All rents at market levels
- High underlying land value in proportion to the capitalised asset value
Napoleon Street has consistently been one of Australia’s strongest high street retail precincts with historically low vacancies. Cottesloe is a suburb revered for its relaxed beach-side lifestyle. Architecturally and geographically stunning Cottesloe has serious wow factor. With the beach at your door step and the city centres of Perth and Fremantle a short drive away makes it such a desirable location.
A single-storey freehold building featuring two retail shops combining 224m2 (GLAR) situated on 382m2 of land. Currently tenanted is the popular Vans café/bistro, whose lease extends until October 2031. Vans, which has existed in many guises over the last 25 years, has become an institution and sought-after destination in the western suburbs. Next door is Esola, which was established in 1990, and is renowned for its Art Deco and eclectic range of jewellery.
Bathing in north facing light 19-21 Napoleon is situated in the heart of Napoleon Street. The single-storey freehold building features two retail shops with a total lettable area of 112m2 (GLAR). The 511m2 site also features a rear car park accessed via Clapham Lane that could provide opportunity for additional development.
Occupying 19-21 Napoleon Street is the iconic local gifts and homewares retailer Shiraz, which has been part of the street landscape for the past 50 years. Next door is café Up Town which has recently exercised their lease option to February 2026.
For further information on this iconic portfolio, or to arrange an inspection, contact Phil Fogliani on 0408 900 587 or complete the form below.
The agent has prepared the information contained in the report and potential buyers should take note that any costings or areas contained within the report are based on figures provided to the agent by other parties and have not been independently verified. Any projections contained in the report therefore represent best estimates only and may be based on assumptions that, while reasonable, may not be correct.
If a projection has been made in respect of potential net income, such projection is an estimate and represents only one possible result, depending on the assumptions made. Potential buyers, should therefore, satisfy themselves as to the market assumptions and make their own judgement as to the likely outcome.
Potential buyers should not rely on any material contained in this report as a statement or representation of fact, but should satisfy themselves as to the correctness by such independent investigations as they or their legal or financial advisor’s see fit.
Any statements contained in this property report which are forecasts or predictions as to the likely state of property or rental markets in Perth in the future, are based on information available to the agent through various research sources. Whilst all care has been taken to ensure that information is accurate and conclusions drawn are reasonable, no warranty is given as to those conclusions or as to any forecast or prediction, nor does the seller accept liability for them. The buyer must make its own assessment as to the likely future of property and rental markets in Western Australia and as to the impact that it is likely to have on this property.