The arrival of property to the market, provides a seldom available opportunity for investors/developers to acquire a fully leased freehold asset, located within arguably one of Western Australia’s premier and highly sought after commercial/industrial precincts, of Osborne Park.
The offering comprises a sizeable land holding of 6,076sqm* over 2 adjoining lots, supporting total improvements of 2,580sqm* and complimented by onsite parking and hardstand. The improvements are configured by way of three (3) individual units to 38 Frobisher and a large format showroom/warehouse to 40 Frobisher, collectively forming a strategically positioned offering with excellent exposure and prominence to one of Osborne Parks most prominent thoroughfares in Frobisher Street.
INVESTMENT HIGHLIGHTS:
– Highly sought freehold asset
– Sizeable landholding of 6,076sqm*over 2 lots (3,038sqm* per lot)
– Versatile and quality improvements of 2,580sqm*
– Extensive frontage of 76 metres* to Frobisher St (38meters* per lot)
– Secure income stream with programmed rent reviews
– Multi tenanted, risk averse investment
– Extremely tightly held precinct
– Flexible “Industry” Zoning providing for outstanding future development with significant upside
– Excellent connectivity to major transport networks
– Established and highly desirable commercial precinct
– Cost effective outgoings and affordable passing rental, providing for potential tenant retention and ability for generous future rental upside
– Ideal superfund asset
PROPERTY:
38 Frobisher comprises a land holding of 3,038sqm* supporting 1,460sqm* of improvements by way of a three (3) unit complex which was constructed in circa mid 1970*.The building’s presentation is reflective of the era of construction, and the building has been well maintained. Functional floorplates are afforded to each of the units, allowing for a variety of potential future uses and fit out. The boundary walls of the complex have been constructed in combination of brick and metal elevations. The complex has concrete flooring and a metal deck roof, with truss heights averaging circa 5.5m*.
More specifically the complex comprises of the following unit areas:
Unit 1 – 550sqm*
Unit 2 – 273sqm*
Unit 3 – 637sqm*
Each unit is fully self-contained, with both male and female toilets and kitchenette. Individual electrical and water metering is afforded to each unit.
The improvements are further enhanced by bitumen carriageways, located within the lot and abutting each of the side boundaries , thus affording occupiers with front and rear access. Unit 3 also benefits from a rear yard/hardstand area.
40 Frobisher comprises a landholding of 3,038sqm* supporting improvements by way of a single large format showroom/ warehouse, of 1,120sqm* which was constructed in circa mid 1970*.The building’s presentation is reflective of the era of construction, and the building has been well maintained. The property benefits from a predominantly clear span floorplate and suspended ceiling, allowing for a variety of potential future uses and fit out. The boundary walls of the complex have been constructed in combination of brick and metal elevations. The building has concrete flooring and a metal deck roof, with truss height averaging circa 5m*. The property is further complimented by an abundance of onsite parking, located directly in front of the property and a rear hardstand area.
ZONING
The City of Stirling notes the properties are zoned “Industry” under their Local Planning Scheme No 3. 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 properties include: scheme water, electricity and NBN. The properties utilise a septic tank waste system.
STATUTORY OUTGOINGS 2023-2024
38 FROBISHER:
City of Stirling – Council Rates – $12,500*
Water Corporation – Water Service Rates – $1,850* (excludes water usage)
Office State Revenue – Singe Ownership Land Tax – $31,500*
STATUTORY OUTGOINGS & INSURANCE 2023-2024
40 FROBISHER:
City of Stirling – Council Rates – $9,550*
Water Corporation – Water Service Rates – $1,000* (excludes water usage)
Office State Revenue – Singe Ownership Land Tax – $31,600*
The above outgoings are payable by tenants in addition to variable outgoings.
TENANCY DETAILS:
38 Frobisher is fully leased to three (3) tenants with passing income of $141,866*^pa plus GST and Outgoings. 40 Frobisher is fully leased to a sole tenant with passing income of $151,166*^pa plus GST and Outgoings. All 4 tenancies come with the benefits of nonretail leases, providing for flexible review mechanisms and recoupment of property management fees.
The total income across the 2 properties is $293,032*^pa plus GST and Outgoings.
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 Franco Gangemi or Wayne Mitsikas.
*Approximately ^ As at 1st June 2024
