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Fremantle’s Piazza sale signals a new chapter for iconic site

Jess Freeman • 12/09/2025
36 South Terrace, Fremantle 1_.jpg In a significant transaction for Fremantle’s commercial property market, The Piazza at 36 South Terrace has officially gone under contract, with Yolk Piazza 21 Pty Ltd selling the landmark site for $12.5 million to a private buyer.

This sale marks a pivotal moment for the heritage-listed property, which sits at the heart of Fremantle’s bustling Cappuccino Strip. With its Federation-era façade spanning 56 metres* and a sprawling 2,831 sqm* footprint with a Net Lettable Area of 2,924 sqm*, The Piazza has long been a cornerstone of the city’s retail and entertainment precinct.

The site’s potential has not gone unnoticed. According to Ben Younger, Director and Joint Head of Capital Markets WA at Cushman & Wakefield who sold the asset with colleagues Nick Charlton and Zaahen Kahn, “The Piazza showcases exceptional flexibility for future development. Its scale and location allow for a wide range of adaptive reuses - from boutique hotel or hostel accommodation to residential, retail, office, education or entertainment offerings.”

The property currently comprises 36 tenancies and generates a net income of $182,444 (35% leased), but its true value lies in its redevelopment potential. Concept plans have been explored for a boutique hotel with, a hybrid hostel model, and even multi-residential apartments—all while preserving the heritage character of the original 1902 Manning Building.

The purchaser is looking to fully renovate the buildings to create a fully activated community retail precinct 

Nick Charlton, Director and Joint Head of Capital Markets WA at Cushman & Wakefield, noted the strong market response: “We saw significant interest in The Piazza from a diverse range of local and interstate groups. Fremantle’s ongoing revitalisation and the site’s strategic location made it a standout opportunity.”

The sale comes amid a broader wave of investment in Fremantle, with over $1.3 billion in public and private projects either completed or underway. 

“As the city continues to evolve into a vibrant, mixed-use destination, The Piazza is poised to play a central role in shaping its next chapter. This transaction is more than a property deal - it’s a signal of confidence in Fremantle’s future” said Mr Younger.

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.

Media Contact

Jess Freeman
Jess Freeman

PR & Communications Director ANZ • Sydney

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