 Asset Class: | Industrial |
 Price: | $ 5400000 |
 Net Yield: | 5.19 % |
Net Yield - including solar strategy: | % |
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A unique investment opportunity offering secure income, strategic positioning, and significant redevelopment potential:<br><br><b>Land Banking Potential:</b> Over 4,600m² just 1.5km from Melbourne Airport, with pre-approved plans for an 18-unit industrial strata complex.<br><br><b>Secure Long-Term Lease:</b> Leased to Let's Go Motorhomes (a Jayco subsidiary) on a 5 + 5-year term, providing stability and certainty.<br><br><b>Holding Income: </b>CPI-adjusted rent of $310,500 p.a. from February 2025, yielding a net 5.19% return after deductions.<br><br><b>Strategic Location:</b><br>54m frontage to Tullamarine Freeway (210,000 vehicles daily)<br>Easy access to Melbourne CBD (16km) and Port of Melbourne (15km)<br><br>This is a rare opportunity to acquire a leased asset with strong cash flow and unmatched future development potential in Melbourne’s high-demand northern industrial/airport precinct.
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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?
<b>Let's Go Motorhomes</b> is a leading Australian motorhome and campervan rental company, offering a modern fleet designed to cater to various travel needs. Their mission is to revolutionize the motorhome and campervan industry by providing best-in-class service and one of Australia’s most modern fleets.<br><br>The company operates multiple branches across Australia, including locations in Sydney, Melbourne, Brisbane, Perth, Hobart, Adelaide, Geelong, Canberra, Darwin, Coffs Harbour, Cairns, Broome, Gippsland, and Townsville, ensuring comprehensive nationwide coverage.<br><br>Let's Go Motorhomes is backed by <b>Jayco</b>, Australia's largest manufacturer of recreational vehicles. Established in 1975, Jayco is a locally owned family business employing over 1,100 people. The company specializes in designing, manufacturing, and distributing a wide range of RVs, including camper trailers, pop tops, caravans, campervans, and motorhomes. <br><br>This strong backing by Jayco underscores Let's Go Motorhomes' stability and reliability as a tenant, providing investors with confidence in their secure and long-term tenancy.
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Tenancy Details:<br><br>• Tenant: <b>Let's Go Motorhomes </b>(subsidiary of Jayco)<br>• Type of Lease: Retail Lease<br><span style="color:rgb(51, 51, 51);">• Rent (Gross): $310,500 p.a. after deductions</span><br>• Rent (Net): $280,500 p.a. after deductions<br>• Lease Term: 5 years (commenced 01/02/2023)<br>• Annual Reviews: CPI adjustments<br>• Market Review: At option<br>• Options: 1 x 5 years<br>• Outgoings: All recoverable except land tax and property management fees<br>• Permitted Use: Motorhome sales and rentals<br><br><b>Rental increase as of February 2025: $310,500 (5.19% net yield)</b>
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Rental Comparison: Address | Total size (NLA) | Rent $/sqm 25 Hewitt Way, Tullamarine | 2653sqm (incl. hardstand) | $106/sqm 29-31 Garden Dr, Tullamarine | 2437sqm | $130/sqm 26 & 26A Ovata Drive, Tullamarine | 2728sqm | $137/sqm 3 Custom Road, Tullamarine | 751sqm | $100/sqm 14/85-91 Keilor Park Drive, Tullamarine | 405sqm | $137/sqm 19 Garden Drive, Tullamarine | 465sqm | $142/sqm 31 Catalina Drive, Tullamarine | 418sqm | $108/sqm 115 Lambeck Drive, Tullamarine | 1760sqm | $150/sqm Recent Sales: Address | Total size (NLA) | Sale $/sqm 9 Lambeck Drive, Tullamarine | 1100sqm | $3,080/sqm 3-5 Lillee Crescent, Tullamarine | 830sqm | $2,434/sqm 24 Ovata Drive, Tullamarine | 950sqm | $2,947/sqm
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<b>Financial Metrics:</b><br><br>• Initial asking Price: $5,600,000<br><span style="color:rgb(51, 51, 51);">• </span><span style="color:rgb(51, 51, 51);"><b>Negotiated</b></span><b> Price: $5,400,000</b><br>• Gross Rent: $310,500 p.a. + GST<br>Deductions (Non recoverable Outgoings):<br>o Land Tax: $20,000<br>o Property Management: $10,000<br>• <b>Net Rent: $280,500 p.a.</b><br>• Net Yield: 5.19%<br><br>• Net Rent per sqm (NLA): $105.73/sqm<br>• Net Rent per sqm (Land): $60.49/sqm<br><br>• Purchase Rate per sqm (NLA): $2,036.04/sqm<br>• Purchase Rate per sqm (Land): $1,164.71/sqm<br><br><b>Asset Overview:</b><br><br>• Asset Class: Industrial<br>• Composition of Asset: Warehouse, office/amenities, canopy, and hardstand<br>• Property Market Status: On Market<br>• Age of the Asset: 2023<br>• Any Unapproved Structures On-Site: None identified<br>• Owner's Reason for Selling: Not disclosed<br>• Are the Seller & Tenant Related Parties? No<br>• How Long Has the Current Tenant Been On-Site? Since February 2023<br>• Last Sold / Price: Last sold on 20 December 2021 for $4,125,000 (Land only)<br>• Vacancy: Fully tenanted<br>• Flood Zone: No<br><br><b>Property Features:</b><br><br>• Land Area: 4,639m²<br><br>• Net Lettable Area (NLA): 2,653m²<br>o Warehouse: 360m²<br>o Office/Amenities: 64m²<br>o Canopy: 164m²<br>o Hardstand: 2,065m²<br><br>• Site Coverage: 9%<br>• Car Spaces: 17 designated spaces<br>• Frontage: 54 meters with exposure to Tullamarine Freeway (210,000 vehicles daily)<br>• Signage: Prominent frontage for branding visibility<br>- Potentially upside through billboard<br>• Fit Out:<br>o 2 x on-grade roller shutter doors<br>o High-clearance warehouse with ancillary office/amenities<br>• Zoning: Commercial 2 (C2Z)
