Bringing you the latest Canberra commercial property news.
SOLD – New West Industry Park, Hume
An IZ1 zoned block in Hume’s new industrial estate has been sold this week – Block 7 Section 29, with an area of 11,029sqm. This is in addition to a small block in the same area which sold last week, as reported in previous Development Developments. Some blocks are still available – details at our website.
New Development Applications lodged
Kingston – Block 1 Section 66
The proposal for this Kingston Foreshore site encompasses a four to six storey mixed use development of 65 residential apartments and 8 commercial units including a cafe. An estate development DA has been lodged for the adjacent Block 1 Section 67 to create one CZ5 mixed use block and one PRZ1 urban open space block.
Fyshwick – 46 Wollongong Street
Consolidation of two blocks and demolition of existing structures to construct a new two storey warehouse with ancillary office.
You can view applications and comment on DA’s here.
Investment Opportunity – Iconic Service Centre on Sydney-Melbourne Route comes to Market
Located in southern NSW on a 5.87 hectare site, the asset is strategically located on the junction of the Hume Highway and Yass Valley Way, on a major arterial route that connects Sydney (282km), Canberra (70km) and Melbourne (600km).
Yass Service Centre is a fully leased service facility which includes a Caltex Petroleum Service Station, a Caltex Star Mart Convenience Store and the Coolabah Tree Café. The rental income is underpinned by a brand new 10 year corporate lease to Caltex Australia until 2024. Additionally, there are two fast food outlets, operated by blue chip tenants being McDonalds and KFC.
The asset also has future development opportunity either via subdivision or future development on surplus land. It is being jointly marketed by MMJ Real Estate and Colliers International. The property is being offered for sale by an Expression of Interest campaign closing on 6 November 2014.
“This is a very rare value-add investment opportunity for the incoming owner to acquire the property with the ability to add value through negotiation of leases, to subdivide to smaller to lots or further develop on the surplus land,” said Mr Gavin Obst of MMJ Real Estate, Canberra.
“The property requires minimal “day to day” management which makes it an ideal investment for boutique funds, property syndicates or an opportunistic fund,” adds Nick George of MMJ Real Estate Canberra.
“Quality retail investments with flagship tenants and value-add opportunities are experiencing unprecedented levels of demand as investors look to take advantage of strong rental growth, secure income streams and capital gain,” said Mr Bob Houston of MMJ Real Estate Sydney. “Several retail investments have recently been transacted at yields heading below 7%.”
MMJ Real Estate Director, Chris Johnson noted that this particular Highway Service Centre is one of Caltex’s best performing outlets across the country. He added that Caltex provide more than 70% of the rental income and as result, the property is expected to attract strong interest from a wide variety of purchaser groups.
For more information, contact selling agents:
MMJ Sydney 02 8256 0222 or MMJ Canberra 02 6260 6970
Don’t forget to have your say on various ACT Government projects at the Time to Talk Canberra website
The community consultation process is open on the following topics:
The development of West Belconnen
2015-16 ACT Budget Consultation