24-26 Overton Road Frankston VIC 3199

Burgess Rawson are pleased to offer the fully leased Skoda freehold investment located at 24-26 Overton Road & 35 New Street, Frankston VIC for sale via Expressions of Interest closing Tuesday 21 May 2024.

Investment highlights include:
+ Irreplaceable 6,693 sqm* corner landholding providing combined frontage of 115 metres* to Overton Road.
+ Strategic location within the premium automotive showroom precinct which includes Ford, Toyota, Kia, Hyundai, Nissan, Subaru, Mitsubishi plus many more.
+ Within 400m* Frankston Freeway and Frankston-Dandenong Road on and off ramps, seeing a combined 84,000 vehicles passing daily. (1)
+ Skoda: Major European brand owned by Volkswagen, operating in over 100 countries globally and 67 dealerships across Australia. (2)
+ Thriving industry: Skoda's Australian car sales up 23% year-on-year. (3)
+ Five year lease to through to 2027 plus three further five year options through to 2042.
+ Strong and certain income growth with fixed annual, compounding 3% increases.
+ Recent $1 million showroom fit-out and upgrade carried out by the tenant to Skoda's corporate layout and design.
+ Minimal management investment, investor friendly net lease, with tenant paying all usual outgoings.
+ Frankston: Major commercial, retail, education and transport hub servicing the Mornington Peninsula, with a growing population forecast to increase 40% by 2041. (4)
+ Frankston is the gateway to the Mornington Peninsula: Tourism up 55% year-on-year with total domestic tourists reaching 8.23 million people. (5)
+ Estimated Net Income: $323,873 pa* + GST.

Expressions of Interest
Closing 3pm (AEST) Tuesday 21 May 2024
For further information please contact the agents directly

*Approximately
(1) GapMaps
(2) Skoda Australia
(3) FCAI 22-23
(4) Forecast.id
(5) Mornington Peninsula Shire