The portfolio 1-7 Napoleon Street and 19-21 Napoleon Street Cottesloe for sale CoJoint exclusive sales agents LJ Hooker Commercial Perth and Richard Noble & Co presenting a once-in-a-generation opportunity to secure a property portfolio in the tightly held retail precinct of Cottesloe.

The portfolio, with excellent lease covenants and negligible vacancy risk is for sale by invited offers closing at 2pm (AWST) on Thursday 25th March 2021 - unless sold prior. 

It is the first time these properties have been offered on-market in approximately 67 and 80 years respectively. They are being offered as a combination or individually.

Currently tenanted in 1-7 Napoleon Street is the popular Vans café/bistro, whose lease extends until October 2031. Vans, which has existed in many guises over the last 25 years, has become an institution and sought-after destination in the western suburbs.

Next door is Esola, which was established in 1990, and is renowned for its Art Deco and eclectic range of jewellery.

Occupying 19-21 Napoleon Street is the iconic local gifts and homewares retailer Shiraz, which has been part of the street landscape for the past 50 years. Next door is café Up Town which has recently exercised their lease option to February 2026.

8fda570f-46dc-4b00-b70e-93d45ca7e4aa.jpeg

• The strip shop located in a premier beachside suburb
• Highly visible and prominent corner location
• Opposite a busy train station
• Tenants that have long-standing and well established businesses
• All rents at market levels – not over-rented with deceiving incentives,
• High underlying land value in proportion to the capitalised asset value.

“Through all parts of the economic cycle, Napoleon Street has consistently been one of Perth’s strongest high street retail precincts with historically low vacancies,” said Phil Fogliani of Richard Noble, which has managed these properties over several decades.

“The limited number of prime retail tenancies and the tight nature of the availability of tenancies on Napoleon Street plays a big role in its consistent performance.”

“The longstanding and established nature of each of the tenants at 1-7 Napoleon Street and 19-21 Napoleon Street respectively, is a wonderful demonstration of the high desirability of this high street locality.”

Mr Fogliani said retail in Cottesloe had long been characterised by its high socio-economic standing, with residents providing a consistent level of discretionary spending ensuring ongoing success for retailers. This had led to enduring low vacancy levels and very low retailer turnover, even in the face of a global pandemic such as COVID-19.

“Despite the pandemic, retail spend in WA has remained strong and is anticipated to remain so through 2021,” Mr Fogliani said. “Demand for retail shop floor space in Cottesloe has also been forecast to increase from circa 15,500m2 in 2019, to over 17,000m2 by 2034 (Pracsys, 2019).”

Joint-exclusive selling agent Jack Bradshaw of LJ Hooker Commercial Perth added: “Only 19 properties encompass the Napoleon Street strip which currently sits at a 100% occupancy rate.

“There has been a minimal change in tenancies and ownership over the years with only 4 properties being sold in the last 18 years.

“Investment demand always has been strong in this tightly-held precinct. Combining this with recent yield compression, lack of quality investment grade stock and a once-in-a-lifetime offering we are anticipating strong interest.

“And Napoleon Street boasts some of the best food, fashion and coffee outlets in Perth, easily earning its iconic status.”

For further information, please contact joint-exclusive sales agents below.

e110aa67-5fc1-4ebc-83b9-400ec09878eb.jpeg