Strong Retail Asset | Long Lease | Brand Name Tenant
The site comprises a regular shaped allotment on the corner of Main Road and Florence Street, that is generally level throughout. The site has a good profile to passing pedestrian and vehicular traffic. Accommodation comprises a split level, “L” shaped showroom, goods inwards / delivery areas, staff amenities, low clearance mezzanine store and a higher clearance mezzanine store.
The property comprises a recently modernised retail showroom with open plan retail, ground floor storeroom, staff room and toilets with two upper level mezzanine store areas. The original building was constructed in 1960’s then later extended in 2010 and 2013. There is concrete paved onsite parking with access from Florence Street.
Financial Information:
Disclaimer: Information provided about forecast annual net cash flow and cash on cash returns are derived from unaudited financial projections. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Responsible Entity. The Responsible Entity cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements.
| Property type | Retail (Showroom) |
| Date acquired | 19 January 2024 |
| Land size | 2,519m² |
| Building size | 2,197m² |
| Purchase price | $7,540,200 |
| Independent valuation | $7,540,200 |
| Capitalisation rate used by Valuer | 6.50% |
| Valuation date | 30 November 2023 |
| Occupancy at purchase date | 100% |
| Financing | All cash purchase |
| WALE (Lease Expiry) | 4.81 years |
| WALE (Income) | 4.81 years |
| WALE (Lettable Area) | 4.81 years |
The weighted average lease expiry (WALE) is as at 31 March 2024 on the basis of the property as a stand alone acquisition, not its weighting in the Fund’s total portfolio. More recent information about the the Fund’s portfolio can be found here.