Theatre turned medical centre collects $9.1m
The historic Beacon Theatre in Fremantle, now a high quality, fully leased medical centre, has traded between private investors.
The $9.1 million result for 91 Hampton Road, on the south west corner of Wray Avenue, reflects a 6.7 per cent net yield.
The weighted average lease expiry by income is four years.
After that, the 1508 square metre site holds development upside, zoned Neighbourhood Centre.
Developed in 1937, the Beacon is heritage protected.
Knight Frank’s Tony Delich, Sam Biggins and Cory Dell’Olio were the agents.
The buyer lives interstate.
Next chapter
The Fremantle property ceased operating as a cinema in 1961 (story continues below).
Later occupiers include Stammers supermarket, Video Ezy and the Port Community Church.
The medical centre conversion and rebrand, to the Ellen Health GP Clinic, was undertaken in 2014.
With 1131 sqm over two floors, it is leased to four tenants – Bracken Health, APM Group, 777 Pharmacy and a café.
Part of the building is configured for touch therapy massage. Ellen Health trades from the top level.
Fremantle is about nine kilometres south west of Perth’s CBD.
The medical centre’s catchment includes Beaconsfield, Hilton and White Gum Valley.
Subscribe to our newsletter at the bottom of this page.
