Halliwell Property Agents are excited to present this highly-prized commercial investment opportunity to the market, occupied by the world's largest sandwich chain in Subway, with over 42,000 outlets across the globe!
As tenant, Subway have occupied the site in Devonport's booming Homemaker Centre since the sites inception, and they remain one of the original tenancies, along with the neighbouring BP, McDonalds, Harvey Norman and others.
Alongside the aforementioned occupants of the Homemaker Centre, the site also boasts occupants including Bunnings, Supercheap Auto, Autobarn, BCF, Anaconda, KFC and Beacon Lighting, with the next stage being a Woolworths Complex with associated operators, currently in planning and expected to commence construction 2024 (STCA). This ensures the continued success and even further increased demand for recognisable brands such as Subway in the Centre long into the future.
With nearly the entirety of a fresh 10 year lease renewal in place from March 2022, this is a very rare chance to 'set and forget', with a multi-national tenant who maintains their own equipment on site, pays standard statutory outgoings in addition to rent, and meticulously maintains the cleanliness of the leased area. Further, the lease has provision for 2 further 10-year Option terms.
The property is part of a 3 lot Strata, with those costs payable by the lot owner as standard and available to potential purchasers, with those calculated as part of the net return advertised, and include costs inclusive of common area cleaning and maintenance, building insurance etc as standard.
The lot is allocated several parking spaces in the forecourt frontage.
This is an exciting opportunity owing to the significance of the tenant/brand, the tenure of the tenant, the highly desirable length of the renewed lease term and the price for which such an asset can be secured by serious investors.
At a very attractive $899,000 listing price, a net return of just under 4.9% is on offer, with compounding fixed 4% annual increases through the balance of the lease. This is above the standard ROI for an asset/tenant/lease length combination of this type anywhere in Australia. GST is not expected to apply.
Interested parties should contact Colin Rowlands of Halliwell Property Agents for further information.
