Landmark Claremont building occupied by Commonwealth Bank goes to market
Colliers International to sell leased Bay View Terrace building with redevelopment potential.
A well-known Claremont building that has been home to a Commonwealth Bank branch for the past 58 years and occupies the site of one of the suburb’s earliest banks, has been listed for sale through Colliers International.
The building, which has a lease to Commonwealth Bank, occupies a 324sqm site on the corner of Bay View Terrace and St Quentin Avenue, next to the Claremont Quarter shopping centre.
Selling agents Shane Isaacs and Ben Tana said commercial property in Claremont’s town centre was tightly-held and there would be strong interest in the sale of the 359sqm building.
“This building occupies a prime location in the western suburbs and benefits from its strong exposure to foot traffic from Claremont Quarter, one of Perth’s premium fashion and retail shopping centres,” Mr Isaacs said.
“With a secure tenant in place there will be interest from investors and developers with longer-term plans in an area where development opportunities are limited.”
The property has been home to a bank for the past 90 years.
The current building was constructed in 1961, replacing the State Savings Bank building which was built in 1928-1929.
Mr Tana said Claremont’s town centre had a stronghold on national and international brands and its reputation as a prime retail destination ensured strong interest among commercial property investors.
“Banks have anchored this property for nearly a century and it will continue to benefit from one of the busiest retail and commercial centres outside of Perth’s CBD,” he said.
The building attracts an annual rent of $618,488 and is owned by local investors.
Offers for the property close on July 31.