This prime retail investment opportunity comprises 218m2 of ground floor retailing space in a prominent Sydney CBD location between Wynyard and Town Hall.
This quality property is offered with two separate tenancies including a 7+7 year lease to Pie Face, one of Australia's fastest growing businesses with more than 75 stores nationally. The combined rental income is currently $169,259 per annum approx and the net income after the deduction of outgoings is currently $130,529 per annum approx.
This prime retail property forms part of a modern 7-storey commercial building in a superb location between Wynyard and Town Hall. This high profile position is a leading business address and a significant growth precinct due to its close proximity to Cockle Bay and the much anticipated Barangaroo development.
This rare offering provides a secure multi-tenanted retail investment opportunity in a popular location with huge amounts of pedestrian and vehicular traffic, which will significantly underpin the property's future rental and capital value upsides.
SIZE
218m2
TENANCY DETAILS
Shop 1: 95m2 approx.
Tenant: Pie Face Pty Limited
Lease term: 7 years expiring 30-Sep-2018
Lease option: 7 years expiring 30-Sep-2025
Current rental: $139,259.25 per annum approx.
Rental increases: 3.5% annually
Lease security: Not applicable
Shop 2: 108m2 approx.
Tenant: Claire Williams T/A Zumbafuego
Lease term: 13 months expiring 30-Apr-2014
Lease option: 12 months expiring 30-Apr-2015
Current rental: $30,000.00 per annum approx.
Rental increases: 5% annually
Lease security: Three month's rental
OUTGOINGS
Strata levies: $7,748.55 per quarter approx.
Council rates: $1,901.27 per quarter approx.
Water rates: $32.69 per quarter approx.
Total per quarter: $9,682.51 approx.
Total per annum: $38,730.04 approx.
NET INCOME
$130,529 per annum approx.
