- For Sale
For SaleExpressions of Interest 16th Oct 2019 4pm
Here is the best commercial opportunity in Epsom brought to the market in years. Split across four titles and tenanted by two of the most recognisable national brands in the country, the multiple options available make the sale of these two properties truly exciting.
The properties located at 350 and 352 Manukau Road are being offered to the market as either two individual parcels or one combined offering, for sale by deadline private treaty closing 4pm, Wednesday 16 October 2019.
350 Manukau Road is a freehold title that comprises a total site area of 2,491sqm and is zoned Business Local Centre. The property is tenanted by the internationally recognised fast food restaurant, Burger King. The current 5 year lease has 3.5 years to run (with two 5 year rights of renewal) and returns a total net passing income of $180,000 per annum (plus GST).
352 Manukau Road is a freehold title (subject to registered lease) that comprises a total site area of 3,359sqm and is also zoned Business Local Centre. The property is tenanted by very experienced petrol station operators under the Caltex brand. A new 2 year lease was entered into in February of this year (with no rights of renewal) and returns a total net passing income of $242,000 per annum (plus opex and GST).
The combined offering amounts to a total of 5,850sqm of premium Epsom land, returning $422,000 per annum (plus opex and GST).
The future options for the two properties are seemingly endless but include an ‘as is’ investment or a variation of investment and future development (either together at some time in the future or as a staged development). From a development perspective the site lends itself to numerous possibilities including, residential, retail/F&B, commercial or accommodation.
Ref #: 215024