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.
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 Date||November 2017|
|Purchaser||Sentinel Property Group|
|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.|
|Passing Yield (fully leased)||9.90%|
|Gross Passing Income||$164/m²|
|Gross Market Income||$125/m²|
|Net Passing Income||$129/m²|
|Net Market Income||$90/m²|
For further details please contact:
Property Valuation & Advisory (WA)
Unit 2, 168 Stirling Highway, Nedlands WA 6009Follow Us
This analysis relies upon third party sources of information.While the resources are considered reliable, their accuracy cannot be guaranteed. We therefore accept no liability for any reliance on our analysis.