METROPOLIS Fremantle, one of the city’s most recognisable buildings, has entered the market for the first time in 75 years.
The building, located at 52-62 South Terrace, is a 2,111sqm venue on a 1,634sqm site and has been operating as a nightclub since 1991 and has been leased by the Capitol Corp Group since 2002.
The sale of the property will be managed via an expressions of interest campaign by Ryan McGinnity and Derek Barlow of CBRE.
“The fact that this landmark property has not been offered to the market in more than seven decades and is leased by an experienced and well-regarded group, will see it attract strong investment interest,” said McGinnity.
Metropolis, which originally opened in 1904 as King’s Theatre, has functioned as a key venue in the city’s art scene.
“Capitol Corp run some of Perth’s largest late-night venues and do so extremely successfully. The freehold property represents not only an opportunity to acquire an income secured by such a strong tenant, but as importantly, an iconic Fremantle property,” added McGinnity.
Metropolis, not only has a long term tenant, but its land has development potential, with 28m of frontage on the renowned South Terrace hospitality strip and relatively close proximity to the Perth CBD.
“Located only 18km west of Perth CBD, Fremantle is the epicentre of Western Australia’s culture and arts scene – a haven for those wanting to experience the arts, museums and markets, as well as numerous food and beverage offerings,” said Barlow.
Western Australia had a resilient 2020, ending the year with a 40-year low in vacancies in its capital city, climbing residential sales activity and re-emerging office investment activity.
“Fremantle is currently going through somewhat of a renaissance, with combined private and public investment forecast to exceed $1.3 billion. In 2021, Kings Square Fremantle opened, the largest public-private infrastructure project in Fremantle’s history, while the current development pipeline is at its strongest level since the 1986 America’s Cup,” added McGinnity.
Metropolis’ expressions of interest campaign will end on 7 May 2021.