3 Maluka Drive is situated in the heart of the Palmerston CBD and is in within walking distance to Palmerston Shopping Centre, Quest Apartments, Palmerston Library and Government offices and the Palmerston Bus Terminal. The property sits on the corner of Maluka Drive and Roystonea Avenue and offers exceptional exposure. Everyone knows where 'The Hub' is located.
The buildings sit on a prominent and impressive block of land of some 13,600sqm and the property has frontage to Temple Terrace, Roystonea Avenue and Maluka Drive. It is accessible by car via controlled intersection from Temple Terrace and accommodates 227 on site car parks of which 110 are located in the basement. The Hub is also easily accessible by bus, as the interchange is located just across the road.
The property comprises 2 separate buildings with 6 individual tenancies with an estimated total NLA of 5,856sqm.
The property has some long term tenants that have been in the property since it was first developed including My Car and Ultra Tune. The largest tenant is Flynn's Palmerston. The property used to also house the C-Max Cinemas. This area is current vacant and the property is now approximately 50% occupied, so there is definitely significant upside when this part of the property can be re-purposed and leased. Given the large land area we also believe that there is a great opportunity for additional development on the site subject to relevant Town Planning Approvals. This investment enjoys a current gross passing income of $740,000 approx.
The Hub currently has 6 long term trading tenants and is surrounded by many other large retailers and banks including Coles, Target, Woolworths, Australia Post, Hungry Jacks, KFC, Commonwealth Bank of Australia and Rydges Palmerston.
Key investment highlights:
• Impressive 13,600sqm block of land • Estimated NLA of 5,856sqm • Long term tenants • Estimated current gross passing income of $740,000 • Re-purpose and leasing upside • Potential additional development opportunities