The property is situated near the corner of Clayton and Lloyd Streets in Midland, approximately 16 kilometres east of Perth with exposure to around 23,000 vehicles per day. The surrounding area is undergoing significant infrastructure development including the St John of God hospital and Curtin University campus plus numerous housing projects. The area is a major large format retail precinct, incorporating approximamtely 40,000 square metres of large format retail development within 400 metres, including Harvey Norman, Good Guys, Freedom Furniture & JB Hi-Fi.
The property is a modern large format retail complex, built in 2011, comprising six main tenancies and one site lease.
Tenancy and Leasing Information
The tenants are Super A Mart, The Outdoor Furniture Specialists, Ray’s Outdoors, PETstock WA, Cremoso Coffee and Barbeques Galore, plus a recent letting to the Minister for Works for 12 years.
Sale & Tenancy details
|Sale Price||$30,750,000||Passing Yield||7.35%|
|Sale Date||April 2017||Passing Yield (fully leased)||7.35%|
|Vacancy (by area)||0.0%|
|WALE (by income)||4.54 years|
|Net Lettable Area (NLA)||9,772 m²||NLA Rate||$3,147/m²|
|Gross Passing Income||$2,751,217 p.a.||Gross Passing Income||$282/m²|
|Gross Market Income||$2,751,217 p.a.||Gross Market Income||$282/m²|
|Adopted Outgoings||$490,451 p.a.||Adopted Outgoings||$50/m²|
|Net Passing Income||$2,260,766 p.a.||Net Passing Income||$231/m²|
|Net Market Income||$2,260,766 p.a.||Net Market Income||$231/m²|
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.