Long Term Investment/Future Development Opportunity
The property is offered for outright purchase and comprises a freehold passive investment opportunity over a large land area. The long-term leases to established tenants provides an easy to manage commercial investment. The leases are structured so that the tenants are esponsible for all property outgoings and all building upkeep. What an outstanding opportunity to invest in a site with future development upside.
As per the contract, there will be two commercial leases in place, both offering long term tenure.
- Lease 1 – Putt Putt Golf/ Hydro Golf operation has three periods of 5yrs remaining (current lease)
- lease 2 – Hibbard Sports Club Ltd also has three periods of 5yrs (commencing on settlement)
The lease terms potentially take site occupancy and income through to 2034.
The approximate Nett income is over $122,000 PA GST Exc approx. after outgoings paid by tenant as set out in lease documents.
Investing in Port Macquarie makes a lot of sense offering a strong resident population of 80,261 approx and the forecast is to grow by over 28% to 102,926 by 2036.
20 Boundary Street is a very large, regularly shaped parcel of land being 4.954 Ha (49,540 sqm approx) with extensive street frontage of 147m approx to Boundary Street. The Property is well located only 4.1km from the CBD and on the airport access road. Adjoining this site is the Port Macquarie Hastings Regional Sports Stadium and sporting fields, Port’s Premier Sporting facility
The site is developed with various commercial buildings including a Sports Club House and private function building, 3 well maintained bowling greens, children’s play structures and landscaped gardens, and off street car parking offering an estimated 200 spaces
A large tidal dam / retention basin to the western side of the lot is utilised with the ground lease to Hydro Golf and Putt Putt Golf.
The purpose-built Sports Club House is 566 sqm approx and the detached function/BBQ area of 155 sqm approx with 155 sqm awning area.
All outgoings paid By Lessee including Land Tax, (rateable value $453,333), Council Rates $9,081.00 PA approx, Building Insurances as incurred, lawns and gardens and water charges.
Note: Improvements relating to the Put Putt Golf / Hydro Golf are the ownership of the lessee and excluded from the sale.
For sale at $1.35 Million (Plus GST) offering a 9 % Nett return on investment
For further information or to arrange an inspection, please contact