This article is from the Australian Property Journal archive
A WRAP up of social infrastructure and commercial property investment opportunities across Australia.
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Social Infrastructure
Southport, QLD
An A-grade medical suite in the heart of Southport is heading to auction on 21st August, part of CBRE’s national auction series.
The whole floor medical suite, located at Lot 19 Premion Place, 39 White Street, has nine years remaining on a 25-year lease, with one five-year option, with Icon Group, one of Australia’s largest cancer-care medical providers and which has made global expansion moves.
The 1,226 sqm top floor suite is being marketed by CBRE’s Mark Witheriff and Nick Selbie.
“The secure lease with Icon Group provides high rental growth provisions via annual reviews of CPI or minimum 5%, making this a true ‘set and forget’ investment opportunity,” Witheriff said.
CBRE would not disclose a price. Sources suggested a figure in the vicinity of $10 million for a property of this type.
“The Gold Coast has enjoyed significant population growth in recent years and with that comes a significant need for medical services. Built in 2008, the Premion building is one of the few purely specialist medical centres within the city that offers a wide range of consultancy providers.”
The Gold Coast is experiencing low vacancy rates in office and specialist use sites with that trend likely to continue in line with population growth, CBRE said.
Retail
St Kilda, VIC
The long-term home of the Commonwealth Bank branch at 133 Acland Street comprises a high-profile 233sqm building on a 460 Commercial 1 zoned site with expectations set at $4 million-plus.
Having recently undergone a major refurbishment program, the property has been leased to CBA for over 50 years, with the current terms a secure 7+5+5-year lease that returns $218,545.40 per annum plus outgoings.
Mark Talbot and David Bourke from Fitzroys will manage the sale via auction on 8 August.
Camberwell, VIC
A double-tenanted property at 626 Burke Road, leased by national retailer Frankie4 and Lucky Well Tattslotto, is expected to sell for $4 million at auction.
The dual-fronted 261sqm freehold is being sold with new six- and five-year leases and returns 205,252 per annum plus GST with all usual outgoings recovered.
Chris James and Ben Liu from Fitzroys are managing the sale via an on-site auction on 9 August.
Industrial
Laverton North, VIC
An strata industrial unit with first floor offices, a high clearance warehouse facility and six off street car parks in Melbourne’s west has been listed for private sale with an asking price of $1,225,000, offered with vacant possession at settlement.
The 436 sqm Unit 13, 5-11 Agosta Drive is being marketed by Gray Johnson’s Simon Regan.
“With the current lessee about to vacate the opportunity here is for a small to medium business to purchase, to move in and be immediately functional,” he said.
The unit complex has a circular road around its boundary and is 20 minutes from the CBD via the Westgate Freeway and the under-construction West Gate Tunnel project.
Office
Glenroy, VIC
The former Glenroy Library site at 737 Pascoe Vale Road is set to go under the hammer with price expectations of $3.3 million-plus, as it hits the market for the first time in 54 years.
The 1,831sqm Commercial 1 zoned property boasts more than 45 metres of frontage and is occupied by an open-plan, self-contained single storey building that was formerly used as a library and community centre.
The site also includes rear access via ROW off Gladstone Parade and Grandview Street and off- street parking for 13 cars.
Ervin Niyaz and David Bourke from Fitzroys are managing the sale on behalf of Merri-bek Council, via on-site auction on 16 August.
