PERTH – A fully leased landmark heritage property is being offered for sale in the heart of Fremantle’s vibrant hospitality precinct, presenting investors with a rare opportunity to secure a freehold asset in one of Western Australia’s most tightly held urban retail strips.
Located at 93–99 Market Street, this attractive two-level Federation-style building is home to three highly popular alfresco dining restaurants - Frida Mexicana, Sandrino, and Sana Middle Eastern, delivering a strong net income of $421,046 per annum with a 3.98-year weighted average lease expiry.
Positioned on a prominent 734sqm corner site with an expansive 51-metre frontage to Market Street, a pedestrian-only laneway, the property enjoys exceptional foot traffic and visibility within Fremantle’s iconic café, dining, and entertainment district.
For sale through Cushman & Wakefield, the original corner heritage building (97-99 Market Street) was built in 1892 with a single-story addition (93-95 Market Street) in 1954, modernised in 2011, providing a total building area of 887sqm. The building has been meticulously maintained and is fully leased to three complementary hospitality tenants, creating a highly activated and engaging precinct.
"With over 34 years of single ownership, this offering represents a rare generational opportunity to secure a piece of Fremantle’s history with enduring tenant demand, strong income, and unmatched location appeal 93–99 Market Street represents the perfect intersection of heritage charm and investment strength,” said Ben Younger, Director at Cushman & Wakefield, Perth who is selling the asset with colleague Nick Charlton.
Mr Younger added “With its prime location, fully leased hospitality tenancies, and Fremantle’s ongoing revitalisation, this is a very rare opportunity to secure a high-performing asset in one of Western Australia’s most iconic urban settings.
“The vendor has owned the property for over 34 years and kept it in pristine condition hence it will command strong market interest, particularly on the back of recent and expected interest rate drops."
“We are experiencing a resurgence of interest from local and interstate investors for quality high street investments and expect a strong attendance and highly competitive bidding at auction. Mr Charlton added “We sold the neighbouring building 85 Market Street last year and 36 South Terrace, Fremantle last month, both attracting huge enquiry, competitive bidding and stand out results. We expect significant interest and spirited bidding.”
The offering comes amid a wave of investment and development activity in Fremantle, including the $270 million Walyalup Koort civic precinct and the $100 million Woodstore’s redevelopment. In addition, the 80 room Garde Hotel, 80 room Lylo pod hotel and Police station all currently under construction, together with a host of DA approved developments poised to proceed before the years end.
Mr Younger further added “This is a quintessential Fremantle asset - character-rich, income-producing, and right in the middle of the city’s cultural and culinary heart. Opportunities like this don’t come up often.”
