Set and forget annuity income underpinned by valuable future site
Burgess Rawson are pleased to present to the market for sale via Offers Invited, 44 Patterson Road, Rockingham. This blue chip fully leased investment offers buyers the rare double; a secure long term income and substantial development upside on a 4,011sqm corner site. The property is leased to a AAA tenant who has already been the lessee of the premises for 6 years with a further 10 year lease until May 2031 and an additional 5 year option until 2036.
The Tenant holds the Exclusive WA Master Licence for Golds Gym and owns and operates all 5 Gold's Gyms throughout Perth. Having made substantial capital investments in improvements to this expansive building, and all their businesses, this investment is not your usual franchise gym tenancy, but offers a quality, high-profile retail investment underpinned by an exceptionally secure and substantial tenancy covenant.
Trading as world renowned 'Gold's Gym', a leader in the health and fitness industry since 1965, the group has over 700 locations serving 3 million people across 6 continents each day.
+ Net annual income $241,124.40
+ Tenant pays 100% of all outgoings
+ Fixed 3% annual increases
+ Lease secured with Personal Guarantees plus substantial Bank Guarantee
+ Long 10 year lease until May 2031 + 5 year option to 2036
+ Tenant has already leased the premises for 6 years!
+ Significant investment by the tenant in building improvements and fitout
+ Zoned "Primary Centre Waterfront Village"
+ High Density Development Upside
+ Tenant holds the WA Master License for the Gold's Gym operating 5 Gold's Gyms in WA.
+ 4,011sqm corner site with major exposure and frontage to busy Patterson Road
+ Highly impressive 1,578sqm of building improvements
+ 40+ onsite parking bays
+ Flexible High Density Zoning
+ Substantial passing traffic and ease of accessibility from main arterial roads
+ Rare double of strong secure income and excellent development upside
+ Class leading operator with strong brand membership and following
+ Over 16,000 passing cars Monday to Friday **
Location
The subject site is located on the corner of Patterson Road and Read Street, Rockingham only metres from the Rockingham town centre and entertainment retail precincts in an area identified for high density future development. The property enjoys over 100 metres of maximum main road frontage and is minutes from the famed Rockingham coastline and approx. 45 mins south of the Perth CBD, in the southern growth corridor.
The City of Rockingham is home to 147,000 residents and this population is forecast to grow by 65% to 243,000 people by 2046*
Rockingham is also home to a huge array of national large format retailers, industrial and manufacturing businesses and restaurant operators on the pristine Indian Ocean coast line.
*City of Rockingham forecast
Land Area
4,011sqm
Improvements
1,578sqm* single level commercial health and fitness centre constructed of brick and steel.
Zoning
Primary Centre Waterfront Village with the ability to develop up to 15 stories.
Legal Description
The property is described as Lot 1436 on Plan 211453 Volume 2156 Folio 7.
A prized set and forget annuity income stream.
Offers invited.
For further information or a contract of sale please contact the exclusive selling agent Luke Randazzo on 0417 181 309.
INSPECTION A MUST
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