A local private investor is selling two retail shops in the heart of Waverley in Sydney’s East, with price expectations of circa $700,000 each.
Shop 3 and Shop 4 are located at 284 Bronte Road and are well positioned on one of the Eastern Suburb’s busiest retails strips amongst national and international brands such as Kennards Hire, Australia Post, The Robin Hood Hotel and QE Foods and boasts major exposure to pedestrian and vehicular traffic serving strong trade volumes.
Shop 3 comprises 45sq m* and has a brand new five plus five year lease to Flight Centre Travel Group until 2024 returning net income of $38,973pa* with fixed 3.00% annual increases
Shop 4 is leased to Sports & Spinal Clinic until April 2021 returning a net income of $29,248pa* with a further option of 3 years and market review on next option
Sports & Spinal Clinic is a strong performing tenant operating within Waverly for over eight (8) years having developed a large local client base and the space has a large floor area of 82sq m* with purpose built waiting area and consultation rooms.
Both assets are for sale through Tom Tuxworth, David Hickey and Nick Tuxworth of Savills Metropolitan & Regional Sales, who said this non-discretionary medical tenant will provide the ultimate security for an astute investor.
According to Tom Tuxworth, State Director - NSW, Metropolitan & Regional Sales at Savills Australia, “A strong local demographic has serviced successful trade for nearly a decade, providing security and strong outlook for the future tenure of the Chiropractic Centre at shop 4”.
According to David Hickey, Senior Executive, Metropolitan & Regional Sales at Savills Australia, “Shop 3 is a prominent corner retail investment, leased to Australia’s largest listed travel agency.
“Both assets offer safe fundamentals for buyers seeking passive investment with a strong return, fixed annual increases in a sought after Eastern suburbs location,” he said.
“Both investments have long leases to quality tenants which will attract SMSF buyers seeking an investment for the sole purpose of providing another income stream during the retirement phase of their life.”
“Due to the price point for both individual shops being in the sub $1 million range, we are expecting fierce competition from a multitude of buyers.”
Savills believes interest will be strong for both assets from local and offshore investors as well as Self-Managed Super Funds.
Both properties are offered for sale via public auction through Savills Australia at 12.30pm on Thursday 5 September 2019.