Burgess Rawson are pleased to offer to market the fully leased Choice Hotels freehold investment located at 51-59 Palmerston Crescent (Cnr Kings Way) VIC for sale via Expressions of Interest closing 3pm Thursday 8 August 2024.
Investment highlights include:
+ Freestanding Choice Hotels investment with a Ten (10) year lease to 2030 plus 3 x 5 year options to 2045.
+ Choice Hotel Asia-Pac: one of the largest hotel franchisors in the world, supported by Choice Hotel International (NYSE: CHN) with over 7,000 hotels across 40 countries.
+ Prime city fringe corner landholding situated on one of Melbourne's busiest thoroughfare of Kings Way, with exposure to 88,000 passing vehicles daily.^
+ Modern construction (2019) offering substantial depreciation benefits, with 51.3% of the first years net income potentially tax free.^^
+ Rare fixed 4% annual rent increases assuring income growth.
+ Immaculate 69 lettable rooms under lease with 57 studios and 12 spacious one bedroom apartments.
+ 28 secure basement car spaces provided on title and amenities including 50 guest conference room, gym, laundry and staff amenities.
+ Value add 125sqm ground floor retail opportunity with 1 year rental guarantee and potential rental uplift.
+ Prime high-exposure city fringe location only 2km from Melbourne CBD.
+ Prominent Commercial 1 Zone landholding surrounded by office/commercial/residential developments.
+ Strategically located in the heart of Melbourne's postcard event venues such as Albert Park Grand Prix Circuit (350m 452k visitors) and Melbourne Park (1.5km 1 million visitors).
+ Melbourne Tourism: booming $21.7 billion industry with 10.26 million overnight visitors and 1.9 million international tourists.^^^
+ Net Income: $1,461,432pa* + GST.
For Sale by Expressions of Interest
Closing 3pm (AEST) Thursday 8 August 2024.
For further information please contact the agents directly.
^GapMaps
^^J Mathew Advisory
^^^Statista
