Sales Analysis -13 Modal Crescent, Canning Vale, WA

Property Location

 

13 Modal Crescent is located within the core industrial estate of Canning Vale, approximately 16 kilometres south east of the Perth CBD. The estate was originally underpinned by the development of the Swan Brewery, but has since attracted significant development by local, national and international companies. The estate has become a destination for distribution centres and contains a component of showroom and light industrial uses.

Property Description

The site of 1,8771 hectares is improved with an office and warehouse building, constructed in 2008. The property has a total GLA of 7,773 square metres; office and amenities of 392 square metres, a warehouse of 5,085 square metres and a canopy of 2,296 square metres. It is of modern and generic design, is fully sprinklered, but is constructed with a laminated timber portal frame, similar to systems used in North America and New Zealand, rather than the usual steel frame used in the Western Australian market. Research shows superior fire resistant qualities for this product compared to steel.

Tenancy and Leasing Information

The property is leased by Timberlink Australia Pty Ltd. The lease commenced on 1 August 2010 for a term of 10 years with an option of a further 5 years. Commencing rental was $760,000 with rental reviews fixed at 4% annually with greater of market or 4% in 2015 and 2021.

Sale & Tenancy details

Sale Price $10,100,000
Sale Date November 2017
Purchaser Sentinel Property Group
Vendor Warrington Property
Vacancy (by area) 0.0%
WALE (by income) 2.66 years
Gross Lettable Area (GLA) 7,773 m²
Gross Passing Income $1,270,905 p.a.
Gross Market Income $970,797 p.a.
Adopted Outgoings $270,797 p.a.
Net Passing Income $1,000,108 p.a.
Net Market Income $700,000 p.a.

Analysis

Passing Yield 9.90%
Passing Yield (fully leased) 9.90%
Market Yield 7.26%
IRR 7.77%
Terminal Yield 7.25%
GLA Rate $1,299/m²
Gross Passing Income $164/m²
Gross Market Income $125/m²
Adopted Outgoings $35/m²
Net Passing Income $129/m²
Net Market Income $90/m²

For further details please contact:

Gavin Chapman - Managing Director
gavin.chapman@pvawa.com.au
(08) 6500 3600

Property Valuation & Advisory (WA)

Unit 2, 168 Stirling Highway, Nedlands WA 6009

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