Sales Analysis – 15 Sundew Rise, Joondalup, WA

Property Location

The subject property is located in an established large format retail precinct known as "The Quadrangle" in the Edgewater/Joondalup area some 25 kilometres north of Perth and approximately 500 metres south of Hodges Drive. This area is the 4th largest large format retail precinct in Australia.

Property Description

Surrounding developments include Bunnings Warehouse, Good Guys, Snooze and a variety of other major brands. The property comprises a freestanding, modern large format retail outlet, built in 2015, which occupies a prime corner site.

Tenancy and Leasing Information

The property is leased to the JB Hi-Fi Group for 12 years from 2015, with two further five year options.

Comments

Our analysis of this transaction is based upon the tenancy position at the date of sale and not on the tenancy position at the date of listing for sale.

Sale & Tenancy details

Sale Price $7,500,000
Sale Date July 2017
Purchaser TBA
Vendor The Stephens Group Pty Ltd
Vacancy (by area) 0.0%
WALE (by income) 10.37 years
Net Lettable Area (NLA) 1,793 m²
Gross Passing Income $528,623 p.a.
Gross Market Income $499,063 p.a.
Adopted Outgoings $95,683 p.a.
Net Passing Income $432,940 p.a.
Net Market Income $403,380 p.a.

Analysis

Passing Yield 5.77%
Passing Yield (fully leased) 5.77%
Market Yield 5.79%
IRR 7.00%
Terminal Yield 6.00%
NLA Rate $4,183/m²
Gross Passing Income $295/m²
Gross Market Income $278/m²
Adopted Outgoings $53/m²
Net Passing Income $241/m²
Net Market Income $225/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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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.

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