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Cushman and Wakefield are pleased to offer to the Rockingham City Family Practice for sale via an Expressions of Interest Campaign.
The property has a passing Net Income of $515,968* per annum and a Weighted Average Lease Expiry (WALE) By Income: 5.4* years, with a Gross Building Area of 1,525.5*sqm, 59 car bays with Primary Centre City Centre - Mixed Use Zoning.
The Rockingham City Family Practice, operated by Partnered Health Group, is secured on a 15-year lease term expiring in July 2031, with fixed annual 4% rental increases and a 4-year renewal option thereafter, attributing to 67% of the gross income.
Audika Hearing Clinic, a subsidiary of the Multi National Demant Group, has over 300 centres in Australia and has been occupying the building concurrently for 14 years. The tenant has a further 3-year option upon their lease expiry in February 2025. The two blue chip anchor tenants account for 88% of the passing income.
The property currently has a vacancy of 84.6sqm providing value uplift with an imputed fully leased net income of $557,658*pa.
Strategically situated on the high profile corner of Council Avenue and Hefron Street, this medical centre enjoys extensive street frontage and easy access on a significant 2,957sqm site and is directly opposite the Vicinity owned Rockingham Centre, anchored by major retailers like Kmart, Target, Coles, and Woolworths, along with 135 specialty stores. Council Avenue benefits from very high exposure with over 13,476 passing vehicles per day.
For Sale by Expressions of Interest Closing Wednesday 6 September 2023 at 2pm WST.
Remember to mention you found this property on CommercialReady
Cushman and Wakefield are pleased to offer to the Rockingham City Family Practice for sale via an Expressions of Interest Campaign.
The property has a passing Net Income of $515,968* per annum and a Weighted Average Lease Expiry (WALE) By Income: 5.4* years, with a Gross Building Area of 1,525.5*sqm, 59 car bays with Primary Centre City Centre - Mixed Use Zoning.
The Rockingham City Family Practice, operated by Partnered Health Group, is secured on a 15-year lease term expiring in July 2031, with fixed annual 4% rental increases and a 4-year renewal option thereafter, attributing to 67% of the gross income.
Audika Hearing Clinic, a subsidiary of the Multi National Demant Group, has over 300 centres in Australia and has been occupying the building concurrently for 14 years. The tenant has a further 3-year option upon their lease expiry in February 2025. The two blue chip anchor tenants account for 88% of the passing income.
The property currently has a vacancy of 84.6sqm providing value uplift with an imputed fully leased net income of $557,658*pa.
Strategically situated on the high profile corner of Council Avenue and Hefron Street, this medical centre enjoys extensive street frontage and easy access on a significant 2,957sqm site and is directly opposite the Vicinity owned Rockingham Centre, anchored by major retailers like Kmart, Target, Coles, and Woolworths, along with 135 specialty stores. Council Avenue benefits from very high exposure with over 13,476 passing vehicles per day.
For Sale by Expressions of Interest Closing Wednesday 6 September 2023 at 2pm WST.
Remember to mention you found this property on CommercialReady
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