PARC sheds Fremantle’s Piazza after three years
PARC Developments has sold the biggest of two neighbouring properties bought in 2022, in Fremantle’s South Terrace retail heart.
Also the highest profile, The Piazza, at #36, collected $12.5 million from a private local investor.
Incorporating the heritage listed c1902 Manning Building, the 2924 square metre complex contains 36 tenancies.
It is just 35 per cent occupied though, returning annual net income of $182,444.
The 2831 sqm site, also exposed to Paddy Troy Mall, has airspace development upside.
Second site sale planned
The incoming Piazza owner is looking to fully renovate the buildings “to create a fully activated community retail precinct” according to the marketing agent, Cushman & Wakefield’s Ben Younger, who brokered the deal with Nick Charlton and Zaahen Kahn.
“The Piazza has long been a cornerstone of the city’s retail and entertainment precinct…showcasing exceptional flexibility for future development” he added.
“Its scale and location allow for a wide range of adaptive reuses, from boutique hotel or hostel accommodation to residential, retail, office, education or entertainment offerings,” he said.
PARC paid $18.5m for The Piazza and a neighbouring property in 2022, also with plans for a major revamp.
The other asset, 26 South Tce, leased to Timezone, is expected to hit the market next quarter.
Mr Younger, Mr Charlton and Mr Khan will again be marketing it.
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