Who wouldn’t want an annual income of $1 million? The only catch, however, is that your pockets would need to be even deeper, much deeper, to snap up this big-format opportunity in Fyshwick.
On offer is a substantial retail centre of over 5000 square metres, situated on a landholding of more than one hectare on Iron Knob Street. It also includes more than 150 basement and on-grade parking bays.
The property has a long-standing occupancy history, leased to a strong national tenant profile.
It’s currently anchored by Chemist Warehouse, Auto One and Ten Tops.
Guy Randell of Burgess Rawson says the property presents a massive opportunity to establish a presence in this bustling area of Fyshwick.
“The location doesn’t get much better, with more big-box retailers within close proximity,” he says.
“Property syndicates, land bankers and institutional investors are likely to take a very close look at what’s on offer – particularly as a replacement cost would likely exceed the sale price.”
The annual net income is estimated to be just shy of the magic mark at $969,276 plus GST. But the threshold is likely to be quickly passed with fixed 2.5 per cent to 4 per cent compounding annual rental increases.
The property sits opposite the Canberra Outlet Centre and close to Bunnings, Officeworks, The Good Guys, Harvey Norman, Bing Lee, and more.