This article is from the Australian Property Journal archive
FREMANTLE’S iconic South Terrace Piazza is changing hands for the first time in 33 years, with local developer Yolk Property Group paying $18.2 million for the retail, hospitality and office asset.
Fronting the prime South Terrace retail strip, the Timezone-anchored property has a net lettable area of 3,915 sqm across two floors. Timezone has been at the site for four decades.
The building occupies a 3,778 sqm site.
CBRE’s Derek Barlow negotiated the divestment on behalf of the private vendor, following an expressions of Interest campaign that received a range of competitive bids from local and eastern-state buyers.
“It is fantastic to see the property selling to such an active contributor to the Fremantle development and cultural sectors,” Barlow said.
“Yolk have exciting plans for restoring this site to its former glory which, given the property’s important position at the heart of the city, will add further tailwinds to the renaissance of Fremantle already underway.”
The Piazza has extensive frontages to South Terrace and Paddy Troy Mall and links through to the recently-developed Kings Square, which is Fremantle’s largest-ever public-private project.
“This transaction highlights the investment appetite that developers and investors still have for quality assets with development upside,” Barlow said.
