Burgess Rawson are pleased to offer to the market the Shops 2-4, 2319-2327 Point Nepean Road Rye VIC for sale via Investment Auction Portfolio 166.
The property has the following investment highlights:
+ Brand new 3 and 5 year lease terms across all tenancies.
+ Long 3.63 year lease WALE (Weighted Average Lease Expiry).
+ Strong and certain income growth with fixed annual, compounding 4% and 5% increases.
+ Investor friendly net lease, with tenants paying all usual outgoings.
+ Well present 135 sqm* of retail shops with impressive design and layout across all the tenancies.
+ Blue chip retail location in the heart of the Rye Town Centre, less than 650 metres* from Woolworths, Rye RSL, Rye Hotel, Subway, Australia Post and Rip Curl.
+ Prime beachfront position directly across from Rye foreshore campgrounds, Rye Pier, Front Beach and Rye Summer & Easter Carnival.
+ Direct Exposure to Point Nepean Road, a major commuter road, in the off peak period sees 21,400+ vehicles passing daily.**
+ Within a 3 km radius, the total household spending on retail totaled $17.35 million in 2022.**
+ Booming bayside destination, Rye has a median house price of $1,100,000 up 47% since October 2020. ***
+ Mornington Peninsula Shire: Tourism has seen a 55% increase from the previous year with total domestic tourists reaching 8.23 million people.****
+ Entry level investment within tightly held Rye retail precinct.
+ Estimated Net Income: $61,341 pa* + GST.
To be sold via Investment Portfolio Auction 166
10:30am (AEDT) Wednesday 21 February 2024
River Room, Crown Casino, Melbourne.
This property is being sold alongside one other investment within the same retail complex. Also Available:
Shop 1 The Bicycle Company
+ Brand new five (5) year lease to 2028.
+ Estimated Net Income: $63,262 pa* + GST.
* Approx
** Gap Maps
*** ***
**** Mornington Peninsula Shire
