Sprawling Perth bar and bistro trades for $5m
A large format hotel north of Perth sold after an Offers to Purchase campaign closing last month.
The Alexander Bar and Bistro at Ballajura collected $4.95 million – a seven per cent net passing yield.
The seller paid $3.1m in 2015 – two years after the venue opened.
The hospitality operator’s lease expires in April, 2030 with two five year options.
“This transaction highlights the continued depth of demand for well-located, income-generating hospitality assets across Perth’s northern growth corridor,” Knight Frank selling agents Jonathan Wong and Cory Dell’Olio said.
Optus a tenant
On 4659 square metres at 322 Alexander Drive, Optus occupies part of the site for a transmission tower – contributing $17,000 to the annual income on a lease expiring 2039.
There is also a drive thru bottle shop, playground and recently refurbished beer garden.
In the heart of a retail precinct opposite the suburb’s IGA, it is passed by some 30,000 vehicles a day, the agents said.
The 1200 sqm building contains a bar, bistro and gaming room with TAB facilities.
Ballajura is about 15 kilometres from town.
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