Knight Frank is pleased to offer for sale part 37 Stony Rise Road, Devonport a modern and highly professional showroom and industrial facility used for agricultural machinery sales and service.
This unique property is an outstanding Devonport industrial location with strong road linkages to the Bass Highway and the Port of Devonport. The site offers significant frontage and exposure to Stony Rise Road on a large site of approximately 1.57 ha (post issue of title). The property being sold has an approximate floor area of 3,153sqm (approx.), with impressive external improvements comprising 6,920sqm of concrete hardstand and 2,075sqm of sealed hardstand (approx.).
The property is currently let on a 10+5+5 year lease to Tasmanian Farm Equipment Pty Ltd from 31 October 2012. Following the sale of Tasmanian Farm Equipment business by Ruralco Ltd in March 2017, the property is now subject to a sub-lease to Total Ag Solutions Tasmania Pty Ltd. Current net rental is $402,852.56 per annum + GST + Outgoings, with the next rent review due 31 October 2017. The lease is also secured by a substantial bank guarantee of $574,200.
Overall the property presents as one of the most modern and functional showroom and industrial facilities developed in North West Tasmania providing a unique combination of flexible spaces that would be the envy of a number of occupiers in the market.
Key features include:
- Completed 2012 - significant depreciation benefits
- Floor area: 3,153sqm (approx.). Land area: 15,700sqm (approx.)
- 10 year lease expires Oct 2022 with options to 2032
- Current net rental of $402,852.56 per annum
- Substantial bank guarantee in place
- Strategic industrial location close to the port and major highway
- Current tenant services a wide and varied agricultural catchment from this location
- Tenant pays all usual outgoings. Annual rental reviews > CPI or 5.00%
For Sale by Offer.
For further details regarding this property please contact Nicholas Bond of Knight Frank.
For more details, please email agent