 Asset Class: | Office |
 Price: | $ 572000 |
 Net Yield: | 6.30 % |
Net Yield - including solar strategy: | % |
 Property Market Status: | On Market |
<span style="color:rgb(0, 0, 0);background-color:transparent;"><b>Low Cost Office/Medical Opportunity with Corner Street Exposure & Convenient Parking</b></span><br><br><span style="color:rgb(0, 0, 0);background-color:transparent;">Presented below is a great opportunity to acquire a street corner medical/ office space within the Town Center of Joondalup. It’s been occupied since at least 2010 by the Joondalup Psychology Center.</span><br><br><span style="color:rgb(0, 0, 0);background-color:transparent;">The asset generates a net rent of $36,040 per annum plus outgoings and GST, reflecting a net yield of 6.3%. With 100% recoverable outgoings, including management fees, and annual CPI increases, this investment offers stable cash flow and long-term security. The lease runs until October 2026 with no further option, but the tenant, who runs a successful business, would appreciate a further 2-year term, which forms part of the offer condition.</span><br><br><span style="color:rgb(0, 0, 0);background-color:transparent;"><b>What We Like About This Asset</b></span><br><p style="background-color:transparent;"><br></p><ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(0, 0, 0);"><p style="padding-left:0pt;list-style-type:disc;display:inline;"><span style="color:rgb(0, 0, 0);background-color:transparent;font-weight:normal;font-style:normal;">Long-sitting tenant since 2010, running a successful business</span></p></li><li style="list-style-image:none;color:rgb(0, 0, 0);"><p style="padding-left:0pt;list-style-type:disc;display:inline;"><span style="color:rgb(0, 0, 0);background-color:transparent;font-weight:normal;font-style:normal;">lease expires in oct 2026, without option but tenant agrees to a further term of 2-years which indicates commitment to the location and property</span></p></li><li style="list-style-image:none;color:rgb(0, 0, 0);"><p style="padding-left:0pt;list-style-type:disc;display:inline;"><span style="color:rgb(0, 0, 0);background-color:transparent;font-weight:normal;font-style:normal;">low outgoings at $71/sqm = high tenant appeal</span></p></li><li style="list-style-image:none;color:rgb(0, 0, 0);"><p style="padding-left:0pt;list-style-type:disc;display:inline;"><span style="color:rgb(0, 0, 0);background-color:transparent;font-weight:normal;font-style:normal;">2 car bays on title (not currently charged for, worth $150/bay per month) + 2 shared bays</span></p></li><li style="list-style-image:none;color:rgb(0, 0, 0);"><p style="padding-left:0pt;list-style-type:disc;display:inline;"><span style="color:rgb(0, 0, 0);background-color:transparent;font-weight:normal;font-style:normal;">convenient street parking</span></p></li><li style="list-style-image:none;color:rgb(0, 0, 0);"><p style="padding-left:0pt;list-style-type:disc;display:inline;"><span style="color:rgb(0, 0, 0);background-color:transparent;font-weight:normal;font-style:normal;">opposite Regents Park (quiet but central location)</span></p></li><li style="list-style-image:none;color:rgb(0, 0, 0);"><p style="list-style-type:disc;display:inline;"><span style="color:rgb(0, 0, 0);background-color:transparent;font-weight:normal;font-style:normal;">in walking distance to Joondalup Hospital (300m) - this space will always be attractive for medical tenants</span></p></li></ul>
How old is the asset?
Vendor's reason for selling?
Days property been on market?
Is this property strata titled?
Are the seller and tenant related parties?
How long has the current tenant been on site?
How long has the tenant been in business?
Is this property in a flood zone?
Is this lease a leaseback arrangement?
<span style="color:rgb(0, 0, 0);background-color:transparent;"><b>The Medical and Office Market</b></span><br><br><span style="color:rgb(0, 0, 0);background-color:transparent;">Joondalup has evolved into a prominent hub for medical and office-based businesses. The city hosts the Joondalup Health Campus, a 722-bed facility that is the largest healthcare center in Perth's northern suburbs, providing comprehensive public and private medical services. This development has attracted a range of healthcare providers, including general practitioners, specialists, allied health services, and medical research institutions. Additionally, Joondalup is recognized for its leadership in cybersecurity, education, tourism, and retail sectors, contributing to a diverse business environment.</span><br><br><span style="color:rgb(0, 0, 0);background-color:transparent;">In terms of development density, Joondalup has experienced significant growth, with over $1 billion invested in recent construction projects. This expansion includes the development of medical facilities, office spaces, and commercial establishments, enhancing the city's infrastructure and economic landscape. The strategic planning and investment in Joondalup have fostered a vibrant, mixed-use urban center that supports both residential and commercial growth.</span><br><br><span style="color:rgb(0, 0, 0);background-color:transparent;"><b>Lifestyle & Population</b></span><br><br><span style="color:rgb(0, 0, 0);background-color:transparent;">Joondalup has developed into a thriving urban center, offering a high-quality lifestyle with a mix of cultural, commercial, and residential amenities. The city is known for its relaxed atmosphere, scenic parks, and proximity to Lake Joondalup and pristine beaches. It features a strong café and dining scene, as well as extensive retail options, including the major shopping precinct at Lakeside Joondalup. </span><br><br><span style="color:rgb(0, 0, 0);background-color:transparent;">In terms of population growth, Joondalup is expected to see a modest increase, reaching approximately 177,000 residents by 2036—an increase of around 9%. This slower growth is largely influenced by an ageing population, with a significant portion of the increase coming from residents aged 70 and older. In contrast, nearby suburbs like Wanneroo are projected to experience rapid expansion, potentially exceeding 400,000 residents by 2040. While Joondalup’s population growth is steady rather than explosive, the city continues to focus on infrastructure and urban development to maintain its appeal as a key hub in Perth’s northern corridor.</span><br><p style="background-color:transparent;"><br></p>
Additional Location Information File<span style="color:rgb(0, 0, 0);background-color:transparent;"><b>Joondalup Psychology Centre</b></span><br><br><span style="color:rgb(0, 0, 0);background-color:transparent;">Joondalup Psychology Centre (JPC) is a team of specialist Clinical and Registered Psychologists in Joondalup, Western Australia. They offer face-to-face and Telehealth consultations, providing support and treatment for a broad range of issues such as anxiety, depression, grief, trauma, motivation, and stress.</span><br><br><a style="color:rgb(17, 85, 204);display:inline;background-color:transparent;" target="_blank" href="https://joondaluppsychology.au/"><u>https://joondaluppsychology.au/</u></a><br>
Initial Term:
Security:
Security Info:
<span style="color:rgb(0, 0, 0);background-color:transparent;">All outgoings are 100% recoverable, including management fees and land tax.</span><br><br><span style="color:rgb(0, 0, 0);background-color:transparent;">Council Rates: $2,785 Per Annum</span><br><span style="color:rgb(0, 0, 0);background-color:transparent;">Water Rates: $1,500 Per Annum</span><br><span style="color:rgb(0, 0, 0);background-color:transparent;">Strata Fees: $2,980 Per Annum</span><br><span style="color:rgb(0, 0, 0);background-color:transparent;"><b>Total = 7,265 Per Annum</b></span><br><p style="background-color:transparent;"><br></p>
Additional Financial Information FileInitial Term:
Security:
Security Info:
1/41 Regents Park Road, Joondalup - 102m2 - $353/m2 + 2 car bays (incl of rent) 32 Nottinghill Street, Joondalup - 73m2 - $411/m2 + 1 car bay 9/140 Grand Boulevard, Joondalup - 50m2 - $370/m2 + 1 car bay @ $50/bpm 2/11 Boas Avenue, Joondalup - 66m2 - $500/m2 + ample car bays @ $150/bpm 1/11 Boas Ave, Joondalup - 84m2 - $500/m2 + ample car bays @ $150/bpm
Offer To Purchase:
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Initial Deposit:
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Due Diligence:
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Finance:
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<b>Purchase Price: </b>$572,000 (negotiated)<br><br><b>Initial Asking Price:</b> $589,000<br><b>Market Status:</b> On-Market<br><b>Current Net Rent:</b> $36,040pa + Outg + GST (incl mng) <br><b>Exclusive Car Bays:</b> 2 allocated car bays (not charged for) & 2 shared car bays<br><b>Current Net Yield: </b>6.3% (incl mng)<br><b>NLA:</b> 102sqm (strata) + 2 bays on title<br><b>Purchase Rate per sqm:</b> $4,848/sqm<br><b>Net Rent per sqm: </b>$353/sqm<br><b>100% Outgoings Recoverable: </b>Yes, incl mng<br><b>Outgoings (per sqm): </b>$7,265pa (excl mng) ($71/sqm)<br><b>Age of Asset: </b>2001<br><b>Are Seller & Tenant Related:</b> No, seller used to work in business but since retired<br><b>Re-letting Period: </b>3-5 months in the current market (higher vacancies in upper floor office space, ground floor space with street exposure and parking leases a lot quicker)<br><b>Flood Zone: </b>No<br><b>Bushfire Zone: </b>No<br><b>Contamination:</b> No<br><br><b>Asset Composition: </b><br><ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Ground Floor Strata</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">12m street frontage (corner lot)</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">102sqm of NLA + 2 car bays on title</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Spacious reception area with glass entry & foyer awning</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Three lockable, soundproof offices (potential for four offices)</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Dedicated document processing/lunch room</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Separate WC with vanity</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Secure rear access & storage area</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Two allocated parking bays plus two shared parking bays</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Fully air-conditioned with privacy blinds throughout</span></p></li></ul><br><b>Infrastructure Level: </b>Tier 1<br><br><b>Tenant Highlights:</b><br><ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Tenant - Joondalup Psychology Centre</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Lease Expiry Oct-2026 (no option) - tenant agrees to extending term by a further 2-years (offer condition)</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Annual CPI increase</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">100% of outgoings paid by tenant (incl mng)</span></p></li></ul><br><b>Agent Questions:</b><br><br><b>Who does the fitout belong to?</b> Landlord<br><b>How long has the tenant been operating in this property?</b> I Since about 2010. Tenant used to work with the owner and now taken over the lease since 2022<br><b>Why is the owner selling?</b> Now in her eighties and retiring<br><b>Is the tenant related to the owner in any way? </b>NO<br><b>Has the tenant been paying rent on time?</b> YES<br><b>Are all outgoings, incl management, recoverable?</b> YES<br><b>What's the lease security?</b> PERSONAL<br><b>Are you aware of any significant defects that may come up in the building inspection? </b>NO
