Long Term Investment in Popular Inner City Precinct

Burgess Rawson are delighted to exclusively offer for Sale by Auction this exceptional investment leased to an experienced 20 plus year operator, The Italian Place on a 20 year lease.

55/40 Mort Street is part of the Gallery Development in the ever popular retail and residential precinct of Braddon in Canberra’s Inner North, minutes from Canberra’s CBD.

Braddon is to Canberra what Lygon and Chapel Street are to Melbourne. Braddon is a hub of popular retail outlets, a stream of new and exciting developments and an eclectic mix of Canberra’s best restaurants and bars. There is over $1.48 billion being spent in new and approved projects in the immediate vicinity with the likes of The Canberra Raiders relocating their head quarters to now call Braddon Home.

The Gallery was developed by Blackett Property Group, designed by the multi award winning National Architecture Firm, Cox Architecture, Built by CBS Commercial and contains 54 residential units and 2 ground floor commercial tenancies.

This exceptional asset provides a long-term investment for any keen investor.

Highlights Include:
– 10-year lease plus 10 year option to 2041
– CPI + 1% Increases
– Total Area: 269 sqm
– Busy retail, office, residential and hospitality precinct
– Near new asset with depreciation benefits
– Opposite new $200 million Midnight Hotel and Residential Development
– Steps away from Elouera Street Light Rail Terminal
– Zoning: CZ3 Services Zone

Lessee: The Italian Place Pty Ltd & The Italian Place Deli Plus Pty Ltd
Lease Term: 10 Years
Lease Commencement: 1st July 2021
Lease Expiry: 30th June 2031
Options: 1 x 10 Year

Net Income: $131,412 pa + GST