This article is from the Australian Property Journal archive
A BULKY goods centre leased to Swedish furniture giant IKEA is up for grabs.
Colliers International has been appointed to sell the property at 397 Sir Donald Bradman Drive, Adelaide Airport, by Expressions of Interest closing at 4pm on Thursday 18 August 2011.
Director of investment services Alistair Mackie said this is an unprecedented opportunity and an entirely unique offering across the Australian market place.
“We are not aware of any IKEA store properties ever being publicly offered before,” he added.
Mackie said the IKEA Adelaide property offers the ultimate investment combination of prime location, outstanding improvements, and an internationally renowned brand on a long term lease.
Comprising a purpose built two level retail bulky goods building completed in 2006 with an approximate gross lettable area of 23,486 sqm, IKEA Adelaide is situated on a site area of approximately 63,844 sqm.
The property is 100% leased to Cebas Pty Ltd, trading as IKEA, on a long term lease that commenced in 2006 with a current net income of circa $4.776 million.
The lease is structured on a triple net basis whereby the tenant is responsible for all building outgoings and capital expenditure costs, rent is reviewed annually to CPI plus 1.0% providing real rent growth, according to Mackie.
“The Adelaide market has not witnessed an opportunity of this nature before and we anticipate very strong purchaser interest.
“Whilst the majority of interest is likely to come from local and national investors, we do expect that the long term growth prospects of the precinct will be incredibly appealing to a number of overseas investors,” he concluded.
Australian Property Journal
