The arrival of the property to the market provides a seldom-available opportunity for owner-occupiers and investors to acquire affordable, well-presented, and versatile commercial accommodation located within one of Western Australia’s premier and highly sought-after commercial/industrial precincts of Osborne Park.
INVESTMENT HIGHLIGHTS:
– Strata Area: 500m²*
– Building Area: 472m²* (includes approved additions)
– Eight (8) car bays on title
– 48m²* rear fenced yard on title
– Prominent street fronting corner position, abutting ROW – Axinite Lane
– Very presentable & versatile improvements comprising showroom/office and predominantly clear span warehouse
– Configured to accommodate two (2) tenancies, with separate entrances, amenities, and electrical metering
– Partially leased until 6th January 2025, providing holding income
– Ability for immediate partial occupancy or commencement of leasing campaign for ground floor and warehouse tenancy
– Excellent connectivity and proximity to major transport networks
– Extremely tightly held and highly sought-after precinct
– Ideal superfund asset
DESCRIPTION:
A strata lot (Lot 1 on Strata Plan 35558) comprising a two-level, street fronting showroom/office and attached warehouse, yard, and eight (8) car bays.
– Ground floor – Showroom/Office: 165m²*
– Warehouse: 142m²* (81m²* ground floor and 61m²* mezzanine)
– Upper Level – Office: 165m²*
– Rear Yard – 48m²* with roller door access to warehouse
PROPERTY:
Lot 1 has an approximate frontage of 18 meters* to Baden Street and a side boundary of circa 20 meters* abutting Axinite Lane. The property’s setback from Baden Street accommodates 3 tenancy car bays and landscaping, with the additional 5 parking bays positioned along the side boundary.
The site supports a showroom/office and warehouse combination, with the showroom/office component constructed over two levels. Whilst the building’s presentation reflects the era of construction, it has been superbly maintained, with an appealing street facade and functional floorplates, allowing for a variety of potential future uses and fit outs. The facade and boundary walls of the building have been constructed in concrete tilt panel elevations, incorporating shop front glazing. The building has concrete flooring on the ground and upper levels (as per the strata plan), with the approved extension to the upper-level floor plate comprising engineered flooring with commercial-grade carpet and underlay. The roof is constructed with a metal deck finish with sky lighting to the warehouse component.
More specifically, the office and showroom component occupies the predominant portion of the ground floor of the property with a configuration comprising an office, a showroom/open plan area, and amenities, including a large kitchenette, toilets, and shower. The ground floor tenancy benefits from a doorway providing direct access to the warehouse. The upper floor office is configured by way of an open reception area, two offices, and an open plan work area. The upper floor also comprises amenities, including male and female toilets and a kitchen. A doorway provides direct access to the warehouse mezzanine.
Reverse cycle ducted air conditioning is provided to each of the office components of the property.
The warehouse has a generous truss height of circa 5.9m* extending to ¼* of the floor plate, with the remaining portion being circa 3 meters*, to accommodate the approved mezzanine. There is an electric hoist providing carriage of goods from the ground floor to the warehouse mezzanine. Vehicular access to the warehouse is via a roller door, which is enhanced by internal security gates and bollards. The roller door is located within the rear yard and accessed via Axinite Lane.
LOCATION:
The property is located within the highly desirable and well-regarded industrial/commercial precinct of Osborne Park, approximately 7 kilometres northwest of the Perth Central Business District. More specifically, the property is located within the southeastern sector of the precinct, bound by Main Street and Scarborough Beach Road and positioned on the southern side of Baden Street, 150 meters* west of its intersection with Main Street and 200 meters north of its intersection with Scarborough Beach Road. The eastern boundary of the property abuts Axinite Lane. Further benefit is derived from the property’s proximity and excellent connectivity to major transport networks, including Mitchell Freeway, Scarborough Beach Road, Main Street, and Glendalough Train Station. The train station is located approximately 500 meters from the property, with bus stops located on Main Street, providing direct service to the train station and the commercial, retail, and hospitality catchment of Main Street, bound between Cape and Eldorado Streets.
ZONING:
The City of Stirling advises the property is currently zoned ‘Development (proposed Mixed Use)’ under Local Planning Scheme No. 3 and more specifically within the Herdsman Glendalough Structure Plan, allowing for mixed-use development of up to five (5) stories with bonus criteria. Plot ratio is 2.5:1. Proponents must make their own investigations to relevant statutory authorities regarding zoning and development.
SERVICES:
Services available to the property include scheme water, sewage, drainage, electricity, and NBN.
OUTGOINGS (FY 23/24):
– Council Rates: $4,019.14* p.a.
– Land Tax: $1,212.90* p.a. (based on single ownership rating)
– Water Corporation Rates: $3,460* p.a.
– Strata Levies: $4,550* p.a. (includes Administration Fund and Reserve Fund paid quarterly @ $1,137.50*)
TENANCY DETAILS:
Whist the office components are fully leased to 2 separate tenants, the ground floor tenant will be vacating in August 2024, with the upper level tenant’s lease expiring in January 2025, with no further options.
Net Passing Rental for the upper level tenancy is $22,815 p.a. plus GST and apportioned outgoings. This rental will continue to apply until lease expiry.
Further lease information and copies of lease documentation will be provided upon request, to qualified parties.
For further information and/or to arrange an inspection, please contact Franco Gangemi.
*Approximately
