 Asset Class: | Office |
 Price: | $ 2867000 |
 Net Yield: | 7.00 % |
Net Yield - including solar strategy: | % |
 Property Market Status: | Pre Market |
Presenting an exceptional opportunity to purchase a fully leased, freehold, prominent commercial building (leased to lawyers on a new 5 year lease) located opposite the law courts in Townsville.<br><br>Further, the tenant has agreed to complete refurbishment works to the building as part of their lease.
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?
<b>Townsville is Queensland’s largest regional city with an estimated population of 237,452 people</b><br>The region has 7th highest average income per capita in Australia and a Gross Regional Product (GRP) of an estimated $15.892 billion, which means the Townsville region alone represents 4.3% of Queensland's Gross State Product (GSP) of $366.277 billion. <br><br>Townsville’s industry diversity, government investment and major infrastructure further underpin its role as the commercial and services hub for North Queensland’s minerals, coal, agriculture, tourism and tropical sciences sectors. Townsville is a major service centre, and the main centre for government administration outside Brisbane. Regional health services are provided by the Townsville Hospital and several research institutions such as James Cook University, the Australian Institute of Marine Science, the Great Barrier Reef Marine Park Authority, Department of Agriculture, Fisheries and Forestry and the CSIRO. Townsville has a large Australian Defence Force community, due to both the army and air force bases also influencing the economy.<br><br>Nationally significant institutions and companies:<br><span style="color:windowtext;font-style:normal;font-weight:normal;"> </span><br><ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;margin-inline-start:36pt;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:windowtext;font-style:normal;font-weight:normal;">One of Australia’s largest Defence bases</span></p></li><li style="list-style-image:none;margin-inline-start:36pt;color:windowtext;font-style:normal;"><p style="display:inline;"><span style="color:windowtext;font-style:normal;font-weight:normal;">Research Centre for food and tropical health </span><span style="color:windowtext;font-style:normal;margin-inline-start:36pt;font-weight:normal;">research</span><span style="color:windowtext;font-style:normal;font-weight:normal;"> </span></p></li><li style="list-style-image:none;margin-inline-start:36pt;color:windowtext;font-style:normal;"><p style="display:inline;"><span style="color:windowtext;font-style:normal;font-weight:normal;">Australia’s biggest electrical distributor - Ergon</span><span style="color:windowtext;font-style:normal;margin-inline-start:36pt;font-weight:normal;"> Energy Network & Energex (Energy QLD Group)</span></p></li><li style="list-style-image:none;margin-inline-start:36pt;color:windowtext;font-style:normal;"><p style="display:inline;"><span style="color:windowtext;font-style:normal;font-weight:normal;">Two of Northern Australia’s largest universities,</span><span style="color:windowtext;font-style:normal;margin-inline-start:36pt;font-weight:normal;"> James Cook University and Central Queensland University (CQU)</span><span style="color:windowtext;font-style:normal;font-weight:normal;"> </span></p></li><li style="list-style-image:none;margin-inline-start:36pt;color:windowtext;font-style:normal;"><p style="display:inline;"><span style="color:windowtext;font-style:normal;font-weight:normal;">Major resources and logistics offices including</span><span style="color:windowtext;font-style:normal;margin-inline-start:36pt;font-weight:normal;"> Aurizon, Incitec Pivot, MMG, Bravus and Glencore Copper</span></p></li></ul>
Additional Location Information File<p style="list-style-position:inherit;list-style-type:inherit;margin-inline-start:0cm;"><span style="color:rgb(36, 36, 36);font-style:inherit;padding-left:0px;font-weight:normal;">Tenant – Arthur Browne & Associates (law firm operating since 1977). </span><a style="color:rgb(36, 36, 36);display:inline;font-style:inherit;padding-left:0px;font-weight:normal;" target="_blank" href="https://aus01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.arthurbrowne.com.au%2F&data=05%7C02%7Cnick%40rethinkinvesting.com.au%7C1294b9f8239d471c429d08dd18c84a72%7Cb654f9c94be24134804f7a0257ce8206%7C0%7C0%7C638693970829257472%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=Q259kYrUIwI86rSkETa%2FDEq8TSWnG6uwLO23Lm4O3OE%3D&reserved=0"><u>https://www.arthurbrowne.com.au/</u></a><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;"></span></p>
Initial Term:
Security:
3 months rent plus GST
Security Info:
3 months rent plus GST
Leaseback from vendor, 5 year lease, $300/sqm net.<br><br>Quality tenant (law form with almost 50 years history), ideal location opposit law courts
Additional Financial Information FileInitial Term:
Security:
3 months rent plus GST
Security Info:
3 months rent plus GST
Subject Property - 63 Wills Street, Townsville - 669sqm - $300/sqm net, estimated as $350/sqm gross 4/336-340 Ross River Rd, Aitkenvale - 171sqm - $350/sqm gross (Nov 2024) 7 Woolcock Street, Hyde Park - 312sqm - $300/sqm net 10/61-73 Sturt Street, Townsville City - 555sqm - $410/sqm Subject to valuation and further due diligence
Offer To Purchase:
$
Initial Deposit:
$
Due Diligence:
days
Finance:
days
Settlement:
days
<ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;margin-inline-start:0cm;"><p style="display:inline;"><span style="color:rgb(36, 36, 36);font-style:inherit;font-weight:normal;padding-left:0px;">Tenant – Arthur Browne & Associates (operating since 1977). Website </span><a style="color:rgb(36, 36, 36);font-style:inherit;font-weight:normal;padding-left:0px;display:inline;" target="_blank" href="https://aus01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.arthurbrowne.com.au%2F&data=05%7C02%7Cnick%40rethinkinvesting.com.au%7C1294b9f8239d471c429d08dd18c84a72%7Cb654f9c94be24134804f7a0257ce8206%7C0%7C0%7C638693970829257472%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=Q259kYrUIwI86rSkETa%2FDEq8TSWnG6uwLO23Lm4O3OE%3D&reserved=0"><u>https://www.arthurbrowne.com.au/</u></a></p></li><li style="list-style-image:none;margin-inline-start:0cm;"><p style="display:inline;"><span style="color:rgb(36, 36, 36);font-style:inherit;font-weight:normal;padding-left:0px;">New 5 + 5+ 5-year lease commencing 01/01/2025</span></p></li><li style="list-style-image:none;margin-inline-start:0cm;"><p style="display:inline;"><span style="color:rgb(36, 36, 36);font-style:inherit;font-weight:normal;padding-left:0px;">Rent $200,700 pa net + gst</span></p></li><li style="list-style-image:none;margin-inline-start:0cm;"><p style="display:inline;"><span style="color:rgb(36, 36, 36);font-style:inherit;font-weight:normal;padding-left:0px;">Fixed 3% rental increases annually</span></p></li><li style="list-style-image:none;margin-inline-start:0cm;"><p style="display:inline;"><span style="color:rgb(36, 36, 36);font-style:inherit;font-weight:normal;padding-left:0px;">Total land area of 860 sqm*</span></p></li><li style="list-style-image:none;margin-inline-start:0cm;color:rgb(36, 36, 36);font-style:inherit;"><p style="display:inline;"><span style="color:rgb(36, 36, 36);font-style:inherit;font-weight:normal;padding-left:0px;">Total building area of 669 sqm* over 2 levels</span></p></li><li style="list-style-image:none;margin-inline-start:0cm;"><p style="display:inline;"><span style="color:rgb(36, 36, 36);font-style:inherit;font-weight:normal;padding-left:0px;">14 on-site parks (10 undercover & 4 open uncovered car parks)</span></p></li><li style="list-style-image:none;margin-inline-start:0cm;"><p style="display:inline;"><span style="color:rgb(36, 36, 36);font-style:inherit;font-weight:normal;padding-left:0px;">Significant solar amenity reducing power consumption</span></p></li><li style="list-style-image:none;margin-inline-start:0cm;"><p style="display:inline;"><span style="color:rgb(36, 36, 36);font-style:inherit;font-weight:normal;padding-left:0px;">The Tenant will undertake the following works within the first 12 months (at their cost). Plastering and painting the inside brick walls, installing new floor coverings to certain rooms, and installing a new façade to the outside of the building.</span></p></li><li style="list-style-image:none;margin-inline-start:0cm;"><p style="display:inline;"><span style="color:rgb(36, 36, 36);font-style:inherit;font-weight:normal;padding-left:0px;">Strategic location directly opposite the Townsville Law Courts</span></p></li></ul><br><p style="margin-inline-start:0cm;"><span style="color:rgb(36, 36, 36);font-style:inherit;font-weight:normal;padding-left:0px;">* Approx.</span></p>
