Silverleaf Eyes Port Seafront Social Hub

Could Fremantle’s waterfront be due for another hospitality hub, after one of the last remaining underdeveloped sites on Marine Terrace sold to the port city’s biggest developer?

Burgess Rawson’s Luke Randazzo and Rob Selid sold the former Taylor Marine House for $5.52 million on behalf of the Halstead family, who had owned it for nearly 25 years, to developer Silverleaf.

The two-level commercial office is fully leased to two tenants, with an annual income of $260,350, representing a 4.71 per cent yield and an improved rate per square metre of $2682 on the land.

The 2058sqm property is on the corner of Marine Terrace and Norfolk Street (pictured above), just down from the Esplanade Hotel, and close to The Esplanade parkland and Little Creatures brewery. Silverleaf’s Gerard O’Brien was unavailable for comment.

Silverleaf is also slated to do the Adina hotel development at the Fremantle Woolstores Shopping Centre, among several other developments in the port city.

Burgess Rawson manager Randazzo said the sellers were based abroad and decided it was the right time to sell the asset while a local buyer acquired the property.

“The property was one of the final big underdeveloped sites on the strip with no heritage implications so it offers the new buyers an array of options for the future with a strong holding income,” he said.

Speaking of industrial locations, Burgess Rawson has also listed a big office and warehouse facility in tightly held Osborne Park.

Agent Chad Henville said the 10-year property, on a 3845sqm block of land, represented “the top end of buildings in the suburb”.

The building was initially used for a medical supplies business.

Agent Ben Flanagan said the building had a corporate standard office and reception area of 547sqm, which included an elevator. The 1925sqm warehouse has an above-standard roof height and has an additional 550sqm of covered canopy.

The property cost $6.95 million plus GST. It earns a rental income of $330,000 a year.