Growth Area | Long Leases | Attractive Return
Pimpama, in the busy Brisbane – Gold Coast corridor, approximately 30kms north-west of Southport CBD and 51kms south-east of the Brisbane CBD, is (reported to be) the fastest growing area in Australia (with exception of capital cities). The property is situated on a high profile 3,292m2 (corner site) on the south-eastern intersection of Pimpama Jacobs Well Road and Attenborough Boulevard. The site is zoned ‘Centre’ under the Gold Coast Planning Scheme 2003 (version 1.2 amended November 2011). This zoning has re-development potential to 27m (estimated to be 9 stories in height (STCA)).
The property comprises a single level retail building containing three attached tenancies, with the building positioned towards the southern end of the site.
Improvements include Caltex Service station with 32 bowsers facilitating 8 vehicle service points and a tank capacity of 180,000 litres. The service station provides a convenience retail store of 151m2 in area and a connected 252m2 metre canopy which is 4.5metres in height. The convenience store has console, coolroom, back office, storeroom and bathroom amenities.
Adjoining the Caltex retail store is a 95m2 store leased to The Cheesecake Shop. The third adjoining tenancy with a lettable area of 158m2, is leased to Ramen Danbo (Japanese Noodles), and includes two drive thru windows and a queuing capacity for 13 vehicles.
The Cheesecake Shop includes front counter and servery with back of house kitchen and bathroom amenities. Ramen Danbo includes front counter and waiting area, internal seating, customer
bathroom, commercial kitchen, cold room, drive-thru windows and staff bathroom.
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 (Service Station) |
| Date acquired | 31 January 2024 |
| Land size | 3,292m² |
| Building size | 404m² |
| Purchase price | $7,225,000 |
| Independent valuation | $7,225,000 |
| Capitalisation rate used by Valuer | 7.00% |
| Valuation date | 8 December 2023 |
| Occupancy at purchase date | 100% |
| Financing | All cash purchase |
| WALE (Lease Expiry) | 7.81 years |
| WALE (Income) | 10.07 years |
| WALE (Lettable Area) | 8.32 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.