One of the city’s iconic buildings was sold for hefty sum on the weekend.
Occupied by one of the city’s best loved jewellers, Thomas Jewellers, the property exchanged hands for $3 million.
The jewellery business first opened it doors at 15 Sturt Street in 1896, under founder James Thomas, from where it supplied jewellery, watches, clocks, glassware and crystal to the public and other smaller shops. It will continue as a tenant at the site.
Set on 734 square metres of land, the site has a shop frontage of over 18 metres and lease arrangements will be for a five year term, with the option of two further five year terms following that.
“The property sold for in excess of $3 million which was a slightly higher than we expected but about right for a property of that nature, in a great location with a new lease and a solid tenant,” Colliers Managing director Andrew Lewis said.
“The current market is very strong for retail investments with strong tenants and long leases in place. The market place is very keen for investments and retail shop and quality offices but is a bit slower on industrial land at the moment. Every different sector of the commercial market place has swings and slides.