What’s hot in this week’s commercial property listings
Moelis Australia Asset Management is listing a fully-leased Hollywood Plaza large format retail centre.
SALISBURY
Address: Winzor St and Spains Rd
Type: Retail
Agent: CBRE, Michael Fenton 0451 826 548, Justin Dowers 0438 098 805
Moelis Australia Asset Management is listing a fully-leased Hollywood Plaza large format retail centre.
The fully leased, 8080sq m centre, returns an annual net income of $980,000 from six separate tenancies including national tenants Cheap as Chips, Supercheap Auto, Salvation Army and Anytime Fitness, with a WALE of 5.8 years.
The 37,000sq m site presents investors with value-add or expansion opportunities including mixed-use development due to the low, 22 per cent, site coverage.
The centre has a main street frontage and is opposite the Hollywood Plaza shopping centre, home to Woolworths, Coles and 64 specialty stores.
Agent Justin Dowers said large format retail centres demonstrate strong performance, particularly when located in growth areas and where complemented by neighbouring major shopping centres.
“Large format retail centres are generally located on large land parcels with rents more closely aligned to industrial than traditional retail rents, making the land and building rates, per square metre, exceptionally compelling.
“When in growth areas these centres have been particularly attractive to investors with an eye to future growth potential,’’ Mr Dowers said.
The City of Salisbury’s forecast population for 2019 is 144,440, and is expected to grow to 153,520 by 2036.
Mr Fenton said the centre’s full occupancy underscored the demand from retailers for exposure to this type of asset.
“This type of integrated, large format retail centre, has proven very popular with retailers in attracting larger volumes of customers than stand-alone retailing.
“The additional security offered here by the fixed annual increases in each of the six leases along with the space available for future expansion will be noted by astute investors,’’ Mr Fenton said.
“Given the positive economic position that South Australia can now lay claim to, the abolition of stamp duty on commercial transactions and the overall strong attributes of the asset, we expect the centre will generate a high level of interest from local, interstate and international investors,’’ Mr Fenton said.
For sale by expressions of interest closing August 22
RENMARK
Address: 29 Kernich St, Renmark West and 38 Kuhlmann Rd, Old Calperum
Type: Sale
Agent: Savills Australia, Andrew Nagy, 0408 698 528, Peter Isaksson and Steve Bobridge
Two investment properties, located in the heart of the Riverland, in Renmark, have hit the market and are available for sale either together or individually.
The two sites are leased long term to Better Drinks Co a subsidiary of Asahi Beverages.
Each property is integral to the operations of Better Drinks and Asahi in Renmark.
The first location, 29 Kernich St, picture, offers an office and factory facility comprising 3474sq m with a canopy of 630sq m together with concrete and gravel hardstand areas and sits on a site area of approximately 40,420sq m with a street frontage of 258m. The guide price is $5.25 million.
The property is zoned Primary Production – Horticulture Policy Area 4, primarily for horticulture, with the establishment of appropriately scaled industries for washing, processing and packaging primary produce and servicing and supplying horticulture. The current annual rental is $468,856 per annum plus GST plus outgoings.
The second property, 38 Kuhlmann Rd, offers an office warehouse of 2400sq m on a 5958sq m site with a street frontage of 66m. There is also a modern cool storage facility which was constructed in 2002 and was extended in 2011 and 2018.
The property is zoned Industry – Calperum Policy Area 2, intended to accommodate a wide range of industrial, warehouse, storage and transport uses.
The current annual rental is $238,767 per annum plus GST plus outgoings. The guide price is $3.25 million.
“Both properties are 5kms from Renmark. The area is highly regarded with the cultivation of fruit, vegetables, wheat and wool. In addition, tourism is also an important component of the township,” agent Peter Isaksson said.
Both properties offer a five year plus five year right of renewal to The Better Drinks Co with leases expiring in February 2033 and October 2027 for 38 Kuhlmann Rd and 29 Kernich St, he said.
“This supports the long-term secure nature of the offerings and there is a likelihood of expanding the Kernich Rd site which the 4ha land holding can well accommodate
FELIXSTOWE
Address: 69 Briar Rd
Type: For lease
Agent: John De Conno 0412 609080
Major community clubs that have brought and maintained communities together (particularly ethnic) over many decades are now experiencing a decline in support, says agent John De Conno.
Several factors have contributed to this decline with most simply a “change of the times”, he said.
“Older generations are declining in patronage, thus membership is declining. The younger generations have a greater selection of activities to fulfil their social life and are not as actively involved within the community clubs as their parents once were.
“The legalities in employment, especially with volunteers have placed extra financial pressure in running a club. However those that are surviving have had to reform, promote and manage better to keep attracting patrons.”
The Fogolar Furlan Italian community club is offering its level one premises for lease (absolutely self-contained) for club or community use and are seeking expressions of interest.
Their overall club premises are now under-utilised and it can easily accommodate separate venues.
The club was set up by northern Italian migrants and many of the current and past members have been craftsmen and women within the construction industry.
The standard of workmanship and presentation of the Fogolar facility is a testament to “dedicated Italian workmanship” Mr De Conno said.
The fully self-contained level one offered for lease has state of the art facilities including an extensive kitchen and amenities.
It has 500sq m floor space with highly polished parquetry flooring and a built in stage. Level one has its own entrance, lift and stairs and an extensive car park.
The club adjoins Linear Park with picturesque walkways along the river.
ANGLE VALE
Address: 121-129 Heaslip Rd
Type: Leisure
Agent: Prorealty, Con Kavooris 0411 883 338
A third South Australia Derrimut fitness store is to open today as part of a statewide rollout of the 24/7 fitness concept.
“We will be responsible for securing four sites in SA, with Adelaide’s flagship store coming soon,” said Prorealty’s Con Kavooris.
“The store is a welcome addition to the popular shopping complex and will most certainly inject an enormous amount of energy and vibrancy to the complex assisting in bolstering its imminent expansion,” he said.
The Angle Vale store will be about 800sq m Mr Kavooris said and will complement other SA stores in Norwood and Gepps Cross.
Derrimut opened in Victoria in 2010 with a gym that is open and staffed 24 hours, seven days a week
The company makes and retails its own products including fresh healthy meals (similar to lean cuisine/light and easy), health bars, supplements, clothing, footwear.
About 20 per cent of each Derrimut premise is dedicated to retail sales. It aims by 2030, to have 300 gyms locally and internationally, creating 10,000 jobs.
