Prominent Car Wash With Significant Underlying Value
97-99 Raglan Street , Preston VIC
Property Highlights
Description
Burgess Rawson is pleased to offer to the market the Soak City Car Wash, Preston VIC for sale via private treaty.
The property has the following key investment highlights:
+ Long 10 year net lease to 2032 plus options to 2052 to Soak City.
+ Soak City: Subsidiary of Mulpha International Berhad, new brand with 5 locations and growing.
+ Tenant responsible for all usual outgoings as per the lease.
+ Fixed compounding 3% annual rent increases.
+ Prominent 1,412 sqm* freehold corner site.
+ Corner position combined with significant underlying land value provides excellent scope for future development (STCA).
+ Busy car wash with recent $1M upgrade incorporating 2 automatic & 3 self-wash bays plus dogwash.
+ Strategic ‘tenant choice’ location with excellent exposure to 32,000 passing cars daily^ and access to major arterials such as Albert Street, Bell Street, High Street, and Grange Road.
+ Preston: metro suburb, 8km north of Melbourne CBD with median price of $1,120,000^^ and population forecast to grow 66.8% by 2041. ^^^
+ Net income: $180,000 pa* + GST.
*approx.
^GapMaps
^^RealEstate.com.au
^^^Forecast.id
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