The Myaree property has changed hands for $4.85 million, for the first time in close to three decades.
Local investors have purchased a property occupied by a microbrewery in Myaree for $4.85 million, marking the first time the asset has changed hands in close to three decades.
O.L.L.D Pty Ltd bought the 84 McCoy Street property, which is occupied by Otherside Brewing Co, as well as Eco Outdoor.
Australian Securities and Investments Commission documents show that O.L.L.D is owned by Perth accountant Cesare Scalise and Elvira Scalise, of Attadale.
Yowalga Holdings, controlled by Nicola and George Gazzone, sold the 4,048 square metre property after purchasing it for $800,000 in 1996.
Castelli Commercial sales and leasing directors Josh Sumner and Enrique Reyes brokered the deal for the property, which was sold off market.
“The seller did not originally plan to sell at this stage, [but] given the leases in place and the short WALE, most investors would have limitations on what they were prepared to offer,” Mr Sumner said.
“Although off market campaigns can be particularly challenging without the ability to leverage off the broader market, maintaining good relationships with owners and buyers allow us to bring the parties in the best position to achieve a mutually favourable outcome.”
He said the buyer was drawn by the fact that the property had two street frontages and development potential.
The property generates rental income of $243,066.61 and has a 2.46 year weighted average lease expiry.
It was sold on a 5 per cent yield.
