Written by The Australian Jewish News
Burgess Rawson is currently marketing a property in the regional New South Wales city of Armidale, leased to a Dan Murphy’s and a Dick Smith.
A converted Woolworths supermarket, selling agent Graeme Watson reports that the building underwent a major redevelopment in 2011 to accommodate the specific needs of the current occupiers.
“On a 15-year lease from 2011 plus options through to 2061, the Dan Murphy’s store is trading very well, exceeding its percentage rental threshold and therefore in an income and capital growth phase,” Watson said, adding that the Dick Smith is on a similar lease for 10 years to 2021 with options to 2036. “With a current net income of $553,217, including percentage rent, the 2011-square-metre development is expected to sell for somewhere over $8 million, reflecting a yield approaching 7 per cent,” he said.
The site will be sold as part of Burgess Rawson’s Sydney’s Portfolio Auction, due to take place on Tuesday 8 December at the Sofitel Wentworth Hotel in Phillip Street, Sydney.