85 Elmslie Dr Cranbourne East: a southeast community hub looking for a portfolio to call home
Slap bang in the middle of one Victoria’s major growth corridors, this Cranbourne East corner block is loaded with busy businesses — and it’s on the market.
South East
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A Cranbourne investment package loaded with tenant has hit the market just in time for Christmas.
Listed by Ray White Commercial 85 Elmslie Dr, Cranbourne East is a great “set and forget” investment, according to Ray White agent Ryan Trickey.
“It’s a great location with fantastic cash flow,” Mr Trickey said.
“It really is a set and forget passive investment.”
The leasing and management plans were designed to be independent of singular tenants, also known as ‘anchor tenants’, to allow diversification of risk, so new investors will not have to rely on one tenant for a financial return on the property.
“We filled all the tenancy places throughout the lockdown period, which is a really interesting factor into this listing,” Mr Trickey said.
“The lease average is more than five years, so the buyer will have that comfort in knowing the property is risk averse in that way.”
The existing tenants include four food businesses, one real estate company, a laundromat and a chiropractor, cultivating a buzzing hub for Cranbourne East residents.
The 1617sq m holding is next to the Papilio Early Education Centre, with Casey Fields Primary School, Cranbourne Primary School, and Schoolie Central Daycare close by.
With an expected yearly return of $345,310, not including annual rent increases, the building has flexible floor plates, enabling the rare opportunity of diverse spatial arrangements for future tenants.
Mr Trickey said the expected sell value would give the buyer a potential seven per cent return.
“It’s going to auction, which is an interesting beast in itself,” he said.
“But we are expecting to sell for $4.3 to $4.7 million.”
Located in one of Victoria’s fastest growing suburbs, with a forecast population growth of 61.93 per cent by 2041, the land value is only set to increase.
The auction will be held on Thursday, December 8 at 1pm.
gemma.scerri@news.com.au
