Retail (Showroom)
The Property comprises a single-storey ‘big box’ building format noted as ‘showroom’ on the Certificate of Classification. The property was built in approximately 2001. It has a gross lettable area of 2,237m²; the site area is 4,048m² (resulting in a site coverage of 55%). There are 44 off-street car spaces, with overflow to street parking.
The building is presently leased to Officeworks (Officeworks Limited) on a lease that expires on 6 June 2029 (as amended), resulting in a WALE of circa 5.1 years. There are 3 x 5 year options thereafter. Officeworks is a brand name tenant who is owned by Wesfarmers (listed on the ASX).
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 | 31 May 2024 |
| Land size | 4,048m² |
| Building size | 2,235m² |
| Purchase price | $6,100,000 |
| Independent valuation | $6,250,000 |
| Capitalisation rate used by Valuer | 6.75% |
| Valuation date | 8 April 2024 |
| Occupancy at purchase date | 100% |
| Financing | All cash purchase |
| WALE (Lease Expiry) | 5.02 years |
| WALE (Income) | 5.02 years |
| WALE (Lettable Area) | 5.02 years |
The weighted average lease expiry (WALE) is as at 31 May 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.