Raine & Horne Commercial Canberra are pleased to offer Unit 9 'Phillip Market Place' for sale by Expression of Interest closing Wednesday 26th October 2022.
Phillip is the town centre of Woden Valley, located approximately 10km south of Canberra CBD and is proposed to become the next destination for Stage Two of the ACT light rail network connecting South Canberra to the CBD and Gungahlin. Woden is home to a large Westfield Shopping Centre, a number of bulky goods and strip retail outlets, service trade operators, high density residential apartments, a number of government offices and Canberra Hospital.
Phillip Market Place, which is prominently situated on the busy intersection of Botany Street, Athllon Drive & Hindmarsh Drive, is a strata titled large format retail development comprising a number of standalone buildings serviced by a central carpark. The retail precinct comprises a standalone KFC restaurant with drive-through, Dan Murphy's, Petbarn, Salvation Army, Trek Bicycle and a number of ancillary food stores such as Subway, Ali Baba & Wokitup. Immediately neighbouring Phillip Market Place are retailers such 99 Bikes, Repco and a large number of vehicle sales and service centres, with Westfield Shopping Centre less than 250 meters away.
Unit 9 Phillip Market Place is a single-storey, free-standing building boasting excellent corner exposure and signage to Athllon Drive & Hindmarsh Drive. The property measures approx. 690sqm of Net Lettable Area and has been occupied by Petbarn since 2015. The property comprises an open-plan large format retail floorspace with additional areas offering services such as a puppy school, pet adoption, pet grooming and a dog wash. The property also provides for a back-of-house area including a lunch room, store room, bathroom and loading dock accessed via a roller door.
The property is leased on the following terms:
• Tenant: Petbarn Pty Ltd
• Lease Commencement: 6th December 2015
• Lease Term: 7+5+5+5 years (options until 5 Dec 2037)
• Rent Reviews during lease & option periods: Fixed at 3% per annum
• Rent Reviews on exercise of option periods: Reviewed to Market
• Outgoings Liability: Lessor Pays (Gross Lease)
• Security: Bank Guarantee for the sum of $6,325
Petbarn Pty Ltd has recently agreed to exercise the 5-year option from 6 Dec 2022 - 5 Dec 2027 at a gross rent of $338,000pa +GST, providing for an approximate net income of $205,914pa.
For further information or to arrange an inspection, please contact the exclusive agent, Mark Nicholls of Raine & Horne Commercial Canberra.
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