The arrival of the property to the market, provides a superb opportunity for investors to procure a fully leased, quality freehold commercial asset, located within arguably one of Western Australia’s, southern corridor’s premier commercial precincts.
The offering comprises a sizeable land holding of 3,196sqm* supporting very presentable and functional improvements of 1,651sqm*, complemented by an abundance of onsite parking, located across the front, side and rear of the property. The improvements are configured by way of four (4) individual adjoining units, collectively forming a strategically positioned street fronting complex, affording the property excellent exposure and prominence to Sunlight Drive and Warnbro Sound Avenue.
INVESTMENT HIGHLIGHTS:
– Highly sought freehold asset
– Sizeable landholding of 3,196sqm*
– Versatile and quality improvements of 1,651sqm*
– Extensive frontage of 49 metres * to Sunlight Drive and Warnbro Sound Avenue
– Secure income stream with programmed rent reviews
– Solid Leases in place with 4.36 year* WALE
– Multi tenanted, risk averse investment
– Prominent and completely street fronting complex
– Tightly held precinct
– Flexible “Port Kennedy Business Enterprise” Zoning
– Excellent connectivity to major transport networks
– Established and highly desirable commercial precinct,
– Rapidly evolving southern corridor catchment, providing for superb future tenant patronage and business growth
– Very cost effective outgoings and affordable passing rental, providing for potential tenant retention and ability for generous future rental upside
– Constructed and configured to support potential strata titling into 4 strata lots
– Ideal superfund asset
PROPERTY:
The site supports a complex of four (4) units which was constructed in circa 1997. Three of the units are at ground level and are of showroom/warehouse configuration, with the 4th unit (Unit 4) positioned on the upper level and ideally suited to accommodate office/training/recreational applications. The building’s presentation is reflective of the era of construction, and the building has been superbly maintained, with an appealing street facade and functional floorplates, allowing for a variety of potential future uses and fit out. The boundary walls of the building have been constructed in concrete panel elevations, with the façade incorporating extensive glazing. The building has concrete flooring and a metal deck roof, with truss heights averaging circa 5m*.
More specifically the complex comprises of the following unit areas:
Unit 1 – 362sqm*
Unit 2 – 489sqm*
Unit 3 – 581sqm*
Unit 4 – 219sqm*
Units 2 & 3 are combined to form 1 tenancy.
Unit 1 is utilised as a gymnasium and cafe and has a floorplate configuration comprising of a small shopfront (cafe) with ceiling and large open plan fitness area, with supporting modern amenities, including end of trip. There are three (3) electric roller doors of circa 3.5m width, fronting the side carriage way. Lighting is by way of both LED and high bay.
Units 2 & 3 are occupied by a leisure and recreational use business and the units have been configured accordingly, with each unit having sealed flooring, extensive lighting and a rear roller door.
Unit 4 is occupied by a dance studio and in configured into 2 large open areas and a small reception area. The unit has suspended ceilings and fluorescent lighting. A “sprung ” wooden flooring system has been installed to accommodate the business use.
Each unit is fully self contained, with both male and females toilets (with units 2 & 3 also having a disabled compliant toilet), kitchenette (larger, more extensive kitchen/ cafe to units 2 & 3). Each of the units benefit from predominately evaporative air conditioning to the larger open plan areas, with units 1,2 and 3 further benefiting from some reverse cycle air-conditioning in the shopfront areas. Individual electrical and water metering, is afforded to each unit.
Overall, each unit has attributes which would be effortlessly be compatible to a variety of alternative use, should the need arise.
The improvements are further enhanced by a bitumen car park and carriage ways abutting the front, one side and rear of the property, providing an abundance of onsite parking, circa 40 plus bays in total. There is also a generous hardstand area directly behind the complex. Landscaping is afforded to the property, via manicured verge gardening and lawn across the frontage, which is serviced by a bore water reticulation system.
ZONING
The City of Rockingham notes the property as zoned “Port Kennedy Business Enterprise” under their Local Planning Scheme No 2. The zoning allows for a variety of approved and discretionary uses. Proponents must make their own enquiries with relevant authorities as to permitted use and zoning.
SERVICES:
Services available to the property include, scheme water and sewage, electricity and NBN.
STATUTORY OUTGOINGS & INSURANCE 2023-2024:
City of Rockingham – Council Rates – $14,297*
Water Corporation – Water Service Rates – $4,957* (excludes water usage)
Office State Revenue – Singe Ownership Land Tax – $2,301*
Building Insurance & Landlord Public Liability -$11,790*
The above outgoings are payable by tenants in addition to variable outgoings
TENANCY DETAILS:
The property is fully leased to three (3) tenants with passing income of $196,183*^pa plus GST and Outgoings . All 3 tenancies come with the benefits of nonretail leases, providing for flexible review mechanisms and recoupment of property management fees.
Further lease information and copies of lease documentation will be provided upon request, to suitably qualified proponents only and subject to execution of a confidentiality agreement.
For further information and/or to arrange an inspection, please contact the exclusive selling agents.
*Approximately
^As at 1st January 2024
