Snare four banks as tenants with entire Claremont retail strip

The retail strip in Claremont includes tenancies to four banks.
The retail strip in Claremont includes tenancies to four banks.

A shopping strip in one of Perth’s most affluent suburbs that counts four major banks as tenants has been put up for sale.

The retail strip at 2 St Quentin Ave in the coastal western suburb Claremont  is offered fully leased, with tenants including Commonwealth Bank, Westpac, NAB and Bankwest, along with fashion retailers Spectator and Tokay.

The investment opportunity boasts a landholding of 1453sqm, a total lettable area of 1069sqm and more than 90 metres of prime retail frontage directly opposite Claremont Quarter.

JLL and CBRE are managing a public expressions of interest campaign for the property, which remains open until 2pm on November 12.

CBRE’s state director Richard Cash expects 2 St Quentin Ave to spark plenty of interest among investors.

“There is evidence in the market of increasing investor support for non-discretionary retail assets with low exposure to vacancy risk, such as free standing supermarkets, service stations, with banking chambers expected to be viewed similarly,” Cash says.

“With a net income of circa $1.35 million per annum, the property provides a rare opportunity to secure a significant income backed by a WALE approaching five years.”

JLL’s senior director Nigel Freshwater adds: “2 St Quentin Avenue, Claremont is a rare investment opportunity with scale not experienced in the area for quite some time and it will be viewed in the market as an investment safe-haven located in the tightly held precinct”.