The property developer, formerly known as Yolk Property Group, says it focusing on other opportunities.
PARC Developments has listed the Fremantle Piazza for sale, two years on from purchasing the property to redevelop it.
The Fremantle-based developer bought 36 South Terrace in April 2022 for $18.2 million, when it was called Yolk Property Group.
The developer bought the property, which is anchored by Timezone, from Territory Property Group, in the first time it changed hands in 18 years.
At the time, selling agent CBRE’s Derek Barlow said Yolk had “exciting plans for resorting the site to its former glory”.
“Given the property’s important position at the heart of the city, will add further tailwinds to the renaissance of Fremantle already underway,” Mr Barlow said in April 2022.
But this week Cushman & Wakefield has launched a campaign to sell the asset.
The real estate group described the property as presenting a “tremendous redevelopment and value-upside opportunity”.
“The vendor has considered a range of future mixed use options including hotel, hostel, education, retail, residential and commercial uses and ensuring the property is development ready,” Cushman & Wakefield stated.
PARC Developments director Pete Adams told Business News that the decision to sell the property stemmed from a shift in focus for the company.
“While we still see significant potential in the Fremantle Piazza, the investment group has decided to shift its focus,” he said.
“We believe that offering the development opportunity, separate from the Timezone tenancy, to someone specializing in these types of assets will be the most effective way to see its vision realised.
“This will also allow PARC to concentrate on our other ongoing priorities.”
Cushman & Wakefield’s Ben Younger is leading the sales campaign for the property.
