Hawaiian and QIC pay $4 million for retail asset adjoining their Claremont Quarter shopping centre

An image from within Claremont Quarter.

Hawaiian and Queensland Investment Corporation have paid $4 million for a historic building next door to their Claremont Quarter shopping centre, in west Perth.

The consortium acquired 21 Bay View Terrace (pictured, top) in Claremont from private investors which previously occupied the building.

The double-storey retail asset includes 340 square metres of lettable area, which is partially leased to fashion retailer Highs and Lows until 2025.

Formerly occupied by Witchery, the property sits on a 193 square metre site also with frontage to St Quentin Close.

Colliers International brokers Tory Packer and Ben Tana sealed the deal for the 1920s building prior the close of an expressions of interest campaign.

“This building occupies a prime location in the western suburbs and benefits from its strong exposure to foot traffic from Claremont Quarter (pictured, top left), one of Perth’s premium fashion and retail shopping centres,” Ms Packer said.

Zoned Town Centre, the agents said the acquisition is “part of a long-term plan to activate the corner of Bay View Terrace and St Quentin Avenue”

Claremont’s coastal location and its high level of amenity has made the precinct a key location for high-end infill apartment developments, Mr Tana added.

“With 750 new homes being developed at LandCorp’s Claremont on the Park, which is only 200 metres from Bay View Terrace, there will also be a new supply of people visiting the retail precinct”.

In August we reported that QIC was readying to sell four commercial assets on Australia’s east coast – a move which might potentially boost its coffers by some $1.8 billion.

 

 

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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