Raine & Horne Commercial Canberra are pleased to offer Unit 2, 173 Flemington Road, Mitchell for sale via Expression of Interest closing Thursday 20th April 2023.
Introducing this unique and highly attractive investment opportunity in the thriving industrial suburb of Mitchell. Unit 2 is a tenanted property, currently leased to Lucas Studios; a successful and thriving pilates, yoga and barre studio. Conveniently situated on Flemington Road a busy arterial road connecting Canberra CBD with the ever-expanding town centre of Gungahlin, and a short walk to Mitchell tram stop, this investment is perfectly positioned to leverage off the surrounding amenities and infrastructure.
Being sold as a going concern, this property offers a compelling yield and tax benefits with no GST or stamp duty payable, making it an ideal choice for those seeking stable, long-term returns. Moreover, the property's highly desirable location, coupled with a crown lease permitting a wide range of uses, is sure to attract future tenants, ensuring a consistent stream of income for the incoming owner.
The property is an elevated strata-titled 2-level unit totalling 504sqm (258sqm ground floor & 246sqm upper floor) with frontage to Flemington Road and benefits from 7 allocated on-site car parks, plus plenty of customer parking to the front. Internally, the space presents extremely well with 5 generously sized open plan studios, one office, 2 toilets (one with shower), storeroom and kitchen, with hard wood flooring and great natural light through multiple large windows. Each room is separately air conditioned with a mix of ducted and wall mounted reverse cycle units.
The property is zoned IZ2 (Industrial Mixed Use Zone) with a Crown Lease permitting a range of uses including bulky goods retail, office, light industrial, health facility and indoor recreation.
The property is currently leased to Lucas Studios on the following terms:
• Lease Commencement - 16th February 2019
• Lease Term - 6 years (expiring 15th February 2025)
• Additional options - 3+3+3 years (to 15th February 2034)
• Rent Review Structure - adjusted annually in line with CPI, market rent at option
• Passing Gross Rent - $101,144pa +GST
• Current Statutory Outgoings - $12,295pa
• Passing Net Income - $88,849pa +GST
• Security - bank guarantee of $24,310
Invest in this exceptional property and start reaping the rewards of a stable and profitable investment in the lucrative Canberra market, and capitalise on the city's growing industrial sector. We encourage interested parties to act promptly to secure this exceptional property in one of Canberra's key industrial suburbs and most sought-after locations.
For further information including a copy of the lease and sales contract, or to arrange a private inspection of the premises, please contact the exclusive sales agent, Mark Nicholls of Raine & Horne Commercial Canberra on 0417 239 551.
