The Timezone venue in Fremantle has hit the market, potentially marking the end of an era after 44 years of continuous operation. Its lease runs out in less than five years.
By Kim Macdonald,Yolk Piazza
Copyright thewest
Timezone’s long-standing venue Fremantle’s venue has listed, potentially signalling the end of an era.
The landmark entertainment centre has been on South Terrace for 44 years, starting up before the Port City came of age during the America’s Cup in 1983.
The entertainment centre has been assured of about four more years under its lease, which runs to January 2030, but there is no guarantee the next owner will keep on the tenant.
In a sign of the potential for change, the sales advert from Cushman & Wakefield points out that the site is zoned to allow redevelopment, supporting mixed-use, residential, boutique hospitality and other venues.
It is being sold by Yolk Piazza 21 Pry Ltd, which owns the venue along with a neighbouring parcel, at 36 South Terrace, which it has just sold for $12.5 million.
Set across a 947sqm freehold parcel with dual frontage to South Terrace and Paddy Troy Mall, the property draws a net rental income of $451,134 per annum, with inflation-linked annual reviews.
Cushman & Wakefield director Ben Younger explained several the site carries several redevelopment opportunities.
“Fremantle is a cultural anchor. For over four decades, it’s drawn families, tourists, and locals to the heart of South Terrace,” he said.
“With Fremantle crowned Australia’s Top Tourism Town and over $900 million in surrounding development, this asset offers both income certainty, flexible zoning, dual frontage, and future redevelopment opportunities.
“Whether held for income or repositioned for growth, it is an iconic Fremantle freehold property offering multiple investment strategies.
Set across a 947 sqm freehold parcel with dual frontage to South Terrace and Paddy Troy Mall, the property draws a net rental income of $451,134 per annum, with inflation-linked annual reviews.
Co-seller Nick Charlton said Fremantle was undergoing a renaissance, following the recently completion of the Woolstores Shopping Centre and 106 room boutique Garde Hotel.
Further developments are in the pipeline for the former Spicers site and Elders Wool Stores.
