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News release


Alfred Cove retail strip sites expected to draw further investor action

EOI launched for two performing Canning Highway properties with significant development potential

PERTH, 10 June, 2013 – Interest in Perth’s retail investment market is expected to lift a further notch with the call for expressions of interest for two high-exposure retail sites on Canning Highway in Alfred Cove.

The fully-tenanted sites at 575-577 Canning Highway and 583 Canning Highway have Net Lettable Areas (NLAs) of 662.5sqm and 369.6sqm respectively, and are currently occupied by nine established businesses.
Jones Lang LaSalle’s Negotiator, Sales and Investments Andrew Langsford said the firm was expecting strong investor/developer interest in the campaign.
Mr Langsford said the sites enjoyed substantial exposure to passing trade, with the latest Main Roads WA data showing more than 43,000 vehicles’ movements along Canning Highway each day.
“The properties have been under the same ownership for nearly 50 years and are contained on two tiles comprising almost 3040sqm.”
He said that the properties located near the intersection of North Lake Road and Canning Highway were being offered individually or in one line and sit within the Melville City Council’s designated Community Centre Precinct.
“So in addition to their strong earnings base there’s strong potential for re-development which could substantially increase their NLA,” he said.
“Under the current zoning, these sites provide a range of opportunities for mixed-use development including offices, medical, licensed premises, restaurants, residential and retail, all within an affluent catchment area.”
“Notably, the leases include redevelopment clauses exercisable with six months’ notice,” he said.
The properties are only 15-20 minutes from Perth’s CBD and service the riverside suburbs of Alfred Cove, Attadale, Ardross, Bicton and Applecross.
Jones Lang LaSalle’s Manager, Sales and Investments Sean Flynn said the retail strip also enjoyed the drawing power of a nearby national brand liquor store, fast-food take-away and 24-hour service station/convenience store.
“In conjunction with this the strip enjoys a degree of trading exclusivity along the Alfred Cove section of Canning Highway. On the one hand there is no other retail strip site for some kilometres to the east, while to the west is a smaller off-highway strip shop precinct,” he said.​