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24 Korovin Drive
Ashby WA 6065
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Sold on 18 Jul 2024

24 Korovin Drive Ashby WA 6065

  • Other
  • 425 m²
  • Sold

Child Care Investment Asset | Asking 6.5% | Leased to Blue Chip Tenant

  • Long Term Lease to Affinity Education
  • Attractive built in Rental Growth
  • High Quality Construction

MMJ Real Estate (WA) as exclusive agents are pleased to offer to the market 24 Korovin Drive, Ashby, WA for sale by Private Treaty.

This investment has the following key highlights:
* Offered for sale at an attractive 6.50% fully net return
* Net Lease to Affinity Education (trading as Milestones Early Learning)
* Affinity Education is one of Australia's largest childcare operators with more than 225 centres Australia wide
* 100% leased 'freehold' investment with all outgoings including land tax and management fees recovered from the Lessee
* Existing lease runs to 31 December 2028 with an additional 5 year option to 31 December 2033
* Attractive built in rental growth via annual fixed 3.5% reviews (note there is no review due 1 January 2025 and the next fixed review is 1 January 2026)
* Rent of $203,317.24 per annum excluding GST and outgoings
* Rent equates to $2,711 per licensed place and on that basis the passing rent is considered below market for a child care centre in Metropolitan WA
* 2006 constructed, high quality, purpose built, single level child care centre
* Tenant undertook extensive outdoor yard upgrades through 2023 and 2024
* Licensed for 75 places
* Site area of 1,870 square metres
* Zoned 'Urban Development (R20)' under the City of Wanneroo DPS No. 2
* The 'East Wanneroo' Structure Plan area is situated in close proximity, to the eastern side of Pinjar Road and in time will cater for an additional 150,000 residents, 50,000 dwellings and comprises 8,300 hectares of land

For Sale by Private Treaty
$3,125,000 (Going Concern)

To arrange an inspection or for further details please contact Chris Geers.

Property Highlights

Date Sold18 Jul 2024
Floor Area425 m²
Land Area1,870 m²
ParkingOn site parking available
Building TypeWhole building
Property ID2019182538
Category
Last updated  18 Jul 2024
Map for 24 Korovin Drive Ashby WA 6065

Property Highlights

Date Sold18 Jul 2024
Floor Area425 m²
Land Area1,870 m²
ParkingOn site parking available
Building TypeWhole building
Property ID2019182538
Category
Last updated  18 Jul 2024

Listed by

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