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Freestanding Melbourne Coles Group Investment

29-33 Synnot Street (Princes Highway), WERRIBEE VIC, 3030

Sold

Property Sold in 29-33 Synnot Street (Princes Highway), WERRIBEE VIC, 3030

Burgess Rawson & Associates Pty Ltd

Level 7, 140 Bourke Street, Melbourne, VIC 3000

Listing ID:
11364621
Status:
Sold
Price:
Price on request
Last Updated:
20/12/2019
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Property Type

Retail/Showrooms/Bulky Goods/Land/Development
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Land Area

2543 SQM
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Floor Area

1030 SQM
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Parking

N/A

Freestanding Melbourne Coles Group Investment

Single, long-term, secure income stream underpinned by top tier lease covenant.
First Choice Liquor Market: a growing chain of 37 stores and wholly owned by Coles Group, $20 billion, ASX-listed retailer.
Significant and strategic corner of Synnot Street (Princes Highway) and Duncans Road within the burgeoning Werribee CBD, supported by Coles, Bunnings Warehouse, McDonald’s, 7-Eleven, KFC and major banks all within 350 metres.
Central Activity Centre Zoned site of 2,543 sqm* offering a combined frontage of 105 metres and exposure to circa 47,000 vehicles daily**.
Directly opposite $49,500,000, 12-level, Holiday Inn/Office/Education development*** (under construction).
Long established liquor store, completely refurbished in June 2019.
Brand new 7 year net lease plus 8 x 5 year options.
Annual fixed, compounding 3% rent increases, ensuring strong and certain rental growth.
Significant depreciation benefits with approximately 33% of year 1 rent potentially tax deductable.****
Coles Group responsible for Land Tax (on a single holding basis) Council Rates, Water Rates, Public Liability Insurance and repairs and maintenance.
Extremely tightly-held large format liquor freehold investment: there have been no sales in the sector so far in 2019 and there were just 3 sales in 2018.
Werribee: booming suburb 32 km* from Melbourne with forecast 88% population growth by 2041.*****
Estimated net rent: $318,000 pa.

For Sale by Auction
12 noon 30 October 2019
River Room, Crown Casino, Melbourne

*All rents, areas and measurements are approximate only, and boundary mark ups are indicative only.
**VicRoads
***Cordell
****Napier & Blakeley
*****forecast.id

For more details, please email agent

Burgess Rawson & Associates Pty Ltd

Level 7, 140 Bourke Street, Melbourne, VIC 3000


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