Retail | Strategic Value Site
This is not the sort of property a retail fund would normally be interested in, however the site holds strategic value for us as it is located next door to 66 Gladstone Road. The purchase also prevents another purchaser acquiring the site to the detriment of our larger investment next door.
Shortly after purchase the tenant exercised their option to extend the lease by a further five years. Once that terms has ended we will consider demolishing the building to increase the hardstand area of 66 Gladstone Road, or possibly erecting a billboard.
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 |
| Date acquired | 21 March 2024 |
| Land size | 426m² |
| Building size | Approx 100m² |
| Purchase price | $325,000 |
| Independent valuation | Not applicable |
| Capitalisation rate used by Valuer | Not applicable |
| Valuation date | Not applicable |
| Occupancy at purchase date | 100% |
| Financing | All cash purchase |
| WALE (Lease Expiry) | 0.28 years |
| WALE (Income) | 0.28 years |
| WALE (Lettable Area) | 0.28 years |
The weighted average lease expiry (WALE) is as at purchase date 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.