This opportunity is an ideal investment as a future redevelopment opportunity in a prime location in Bibra Lake.
It involves the sale of 4,042sqm* of land with six existing tenancy areas (1,853sqm*), five of which are currently occupied.
Zoning: City of Cockburn TPS 3 - Industrial
This property will attract a developer wishing to acquire a central Bibra Lake property with attractive redevelopment potential and strong holding income, an investor with a similar agenda, particularly one with the foresight and capacity to optimise the income generated by the tenancy environment of the property or an owner occupier.
The tenanted areas currently generate approx. $117,744 in Net Rent, although this represents significant under-renting value, based upon current market leasing values. Tenants also pay GST and Variable Outgoings. The property should be generating rent of approx. $206,955 plus GST plus Variable Outgoings, based conservatively upon a Net Rent of $130/sqm for the five tenanted area and $50/sqm for the untenanted area of 425sqm*.
The unoccupied unit is currently best suited for use as a storage area, although it has the capacity to be upgraded to a higher utilisation, and, as a result, will generate significantly greater rent.
The existing tenants are attached to periodic (month to month) leasing arrangements, although a number of them are longstanding tenants and all of whom are financial and reliable tenants.
The tenancy areas comprise the following:
Unit 1
Workshop: 201sqm*
Office: 28sqm*
Rear yard: 132sqm*
Plus amenities
Unit 2
Workshop: 200sqm*
Office: 27sqm*
Rear yard: 132sqm*
Plus amenities
Unit 3
Workshop 200sqm*
Office 28sqm*
Rear yard: 132sqm*
Plus amenities
Unit 4
Workshop: 191sqm*
Office: 27sqm*
Rear yard: 210sqm*
Plus amenities
Unit 5
Workshop: 409sqm*
Office: 22.5sqm*
Plus amenities
Unit 6
Warehouse: 425sqm*
Units 1 to 4 were part of the original development of this property (in 1989). Units 5 and 6 were a Stage 2 development.
Units 1 to 5 have 3 phase power and all have individual metres. The property has sept tank drainage.
Outgoings: $21,503.53
Council Rates: $15,503.53
Insurance: $4,000
Water Rates (Inc. consumption): $2,000
This property will attract a broad buying audience as it presents a broad cross-section of opportunities. Investors and developers and business owners wishing to broaden or establish a presence in Bibra Lake will have no difficulty seeing the value and potential presented by this property.
For further information or to arrange an inspection please contact:
Michael Danagher
RWC WA
M: 0403 049 989
E: michael.danagher@raywhite.com
Victor Aloi
RWC WA
M: 0404 808 012
E: victor.aloi@raywhite.com
* Approximate
