Inner City Hotel Freehold with 9 Year WALE to AVC

Description

Renewed 10 year lease to 2031 to Australian Venue Co (AVC), with four further five year options through to 2051.
AVC is Australia’s second largest hotelier with over 200 venues. AVC is also Australia’s fastest growing hotel network, having bought 45 new hotels in the last 12 months and recently announced a 13-15% increase in revenue compared to pre-COVID conditions.
The Exchange Hotel has been a Port Melbourne institution since 1916.
Set and forget, net lease terms with the tenant responsible for council rates, water rates, building insurance, public liability Insurance, repairs and maintenance.
Uncapped annual CPI rent reviews.
Large high-profile corner site located directly opposite multiple 9 level developments.
Strategically located in the heart of Port Melbourne’s renowned Bay Street Shopping Precinct, just 2.7km* from the Melbourne CBD, surrounded by leading retail and service providers.
Several major high-rise developments planned or under construction in the nearby vicinity, providing additional future population to the immediate area.
Highly sought-after Mixed Use Zone (MUZ) with DDO1-1B & 2 overlays allowing future upside potential (STCA).
Port Melbourne: An in-demand upscale suburb in the City of Port Phillip, with 44% forecast population growth by 2041 (1).
Net Income: $413,577 pa.

For Sale by Investment Portfolio Auction
10:30am AEST Wednesday 14 September 2022

*Approx
1. .id

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Contact agents
Billy Holderhead Partner
0422 817 696
Matthew Wright Partner
0458 290 588
Shaun Venables Partner
0411 860 865
Zomart He Partner
0488 220 830
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Port Melbourne, VIC

39 Bay Street

  • Sold Price: Contact Agent

This property was sold as part of Portfolio 155

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