 Asset Class: | Retail |
 Price: | $ 2380952 |
 Net Yield: | 8.40 % |
Net Yield - including solar strategy: | % |
 Property Market Status: | On Market |
<p>A rare opportunity to acquire a prominent retail investment leased to ASX-backed Metcash Limited (ASX:MTS) trading as Mitre 10 in the thriving township of Smithton, Tasmania. The property comprises a substantial 14,510 sqm site with 3,168.5 sqm of retail and warehouse improvements in a high-exposure corner location.</p><p>The tenant, HTH Stores Pty Limited, a fully-owned subsidiary of Metcash Limited with a market cap of $3.94 billion, has recently exercised their first 5-year option, demonstrating their long-term commitment to the location. The current lease runs until 2024 with two additional 5-year options remaining.</p><p>The property has undergone a significant tenant-funded refurbishment program in 2023, including new signage, storage systems, and retail area improvements. With a secure net income of $200,000 per annum plus GST and outgoings, this investment represents an outstanding opportunity in Tasmania's retail hardware sector.</p>
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<p>Smithton is the administrative center for the Circular Head Municipality, located 85km west of Burnie on Tasmania's northwest coast. The town serves as a major regional hub with several significant employers including Greenham Tasmania, McCain Foods, and Saputo Dairy.</p><p>The property enjoys a strategic position at the intersection of Brittons Road and the Bass Highway, providing excellent exposure and accessibility. The immediate area features complementary businesses and industrial users, with the site benefiting from its proximity to Smithton's main commercial precinct.</p><p>The region is known for its agricultural and forestry industries, with the Bass Highway providing crucial connectivity to major population centers including Burnie and Devonport. The Wynyard Airport is located 67km away, offering regular flights to Melbourne and King Island.</p>
Additional Location Information File<p>HTH Stores Pty Limited, trading as Mitre 10, is a fully-owned subsidiary of Metcash Limited (ASX:MTS). Metcash is one of Australia's leading wholesalers with <strong>$18.1 billion in group revenue</strong> and a market capitalization of $3.94 billion.</p><p>Mitre 10 is Australia's largest independent hardware retailer with over 300 stores nationwide. The tenant has demonstrated their commitment to the location through their recent lease extension and significant investment in store improvements.</p><p>The business serves a large trade catchment with no competing hardware stores within 48km, making it the dominant hardware retailer for the region.</p>
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<p>The property generates a secure net income of <strong>$200,000 per annum</strong> plus GST and outgoings. Current lease commenced February 2019 with the tenant recently exercising their first 5-year option. The tenant pays all statutory outgoings including council rates, land tax, water rates, and insurance.</p><p>Annual rent reviews are linked to CPI movements, providing built-in income growth. The investment offers an attractive net yield of <strong>8.4%</strong> based on the current income.</p>
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<ul><li>Prime corner position on Bass Highway with exceptional exposure</li><li>Substantial 14,510 sqm site with 3,168.5 sqm of improvements</li><li>ASX-listed tenant with $3.94 billion market capitalization</li><li>Recently exercised 5-year option with two further 5-year options</li><li>Net income of $200,000 pa with annual CPI reviews</li><li>2023 tenant-funded refurbishment program completed</li><li>Dominant hardware retailer position with 48km radius trade catchment</li><li>Strong tenant covenant backed by Metcash Limited</li><li>Strategic location in Smithton's main commercial precinct</li><li>Modern retail and warehouse facilities with garden center</li></ul>
