JLL are pleased to offer the opportunity to purchase this exceptional investment opportunity offering reliable long-term income in a core Western Melbourne industrial precinct.
The property comprises a significant and strategic land holding of 14,189m2 situated to the southern side of Cherry Lane and extending through to provide an extensive 140 metre frontage to Princes Freeway. The asset is subject to a new 10 year lease expiring 2030 to global company McConnell Dowell (subsidiary of Aveng a publically listed company on the Johannesburg Stock Exchange) on a triple net basis with exceptional fixed rental growth of 3.5% p.a.
Key investment highlights include:
- New 10 year lease with options - Fully leased to globally recognised tenant McConnell Dowell, a subsidiary of public company listed on the Johannesburg stock exchange (Aveng) - Fixed annual 3.5% rental increases throughout the term of the lease - Rental income of $360,000* p.a. net - Triple Net lease structure - Building area of 2,570* square metres - Significant and strategic land holding of 1.4* hectares - Outstanding exposure 140 metre frontage to Princes Freeway, with 166,000 vehicles passing the site daily (source: VicRoads) - Core Western industrial precinct approximately 15kms from Melbourne CBD - Excellent connectivity to major road infrastructure, Port of Melbourne and Melbourne International Airport - Modern improvements constructed circa 2009 - Future development potential given low site coverage of approximately 18% - Significant infrastructure spend to further enhance the precinct including the Westgate Tunnel Project - High underlying land value underpins the asset *approx.
For Sale by Expressions of Interest Wednesday Wednesday 18 March 2020 at 4pm AEDT
