<p>Located approximately 187 kilometres east of Melbourne via the Princes Highway, <strong>Sale serves as the commercial and administrative center for the Gippsland and Wellington Shire regions</strong>. The city boasts an estimated resident population of 15,302 with a substantial trade catchment of 42,000+ residents.</p> <p>Sale has established itself as the <strong>principal transfer base for offshore oil and gas operations in the Bass Strait</strong>, with numerous energy companies conducting their operations from this strategic location. The oil production in the Bass Strait fields is expected to continue for at least another 25 years, while gas reserves could potentially last an additional 35-40 years.</p> <p>The city is also home to the <strong>RAAF East Sale Base</strong>, the main postgraduate flight training facility for the Royal Australian Air Force. With over 800 permanent staff and students, the base contributes significantly to the local economy and population stability.</p> <p>The Wellington Shire is experiencing <strong>strong forecast growth with population projected to increase by 14.31% to 53,033 by 2046</strong>. This growth is supported by substantial infrastructure investment, including the $513 million Princes Highway East Upgrade adding 43 kilometres of new dual lanes.</p> <p>The broader Gippsland region has established itself as a <strong>popular tourism destination</strong>, attracting over 6.71 million visitors annually, which provides additional economic stimulus to the region.</p>

<p>The property is leased to <strong>SRG Leisure Retail Pty Ltd trading as BCF</strong> (Boating Camping Fishing), a wholly owned subsidiary of ASX-listed Super Retail Group (ASX:SUL). Established initially as Tackleworld in 2003, the store was acquired by Super Retail Group and rebranded to BCF in 2022.</p> <p>BCF has grown to become <strong>Australia's #1 boating, camping and fishing retailer</strong>, operating more than 150 stores across every Australian state and major territory. The brand offers a comprehensive range of products covering boating, camping, fishing, watersports, 4WDs, caravans, clothing and footwear.</p> <p>The parent company, <strong>Super Retail Group</strong>, is celebrating its 50th anniversary and has developed into one of Australia and New Zealand's largest retailers. The group owns four iconic brands: Supercheap Auto, Rebel, BCF, and Macpac, and boasts an active club member base of 9.7 million people supported by over 14,000 team members globally.</p> <p>Super Retail Group has demonstrated strong business performance and growth plans, with 24 new stores opened in the last financial year and additional expansion planned for FY24. The company maintains a robust financial position with $3.8 billion revenue and high EBITDA cash conversion of 94%, supporting its position as a stable, reliable tenant.</p>

<p>The property offers a <strong>robust financial investment opportunity</strong> with current net rental income of <strong>$221,731 per annum plus GST</strong>. The lease structure includes annual rent reviews based on CPI increases, capped at 2% and collared at 3%, providing stable growth and downside protection.</p> <p>The tenant, SRG Leisure Retail Pty Ltd (trading as BCF), operates under a <strong>seven-year lease term commencing 1 June 2022 and expiring 31 May 2029</strong>, with two further options of five years each, potentially extending occupation until 2039.</p> <p>Under the lease agreement, the tenant is responsible for <strong>outgoings including council rates, water rates, public liability insurance, and statutory registration fees</strong>. The landlord maintains responsibility for limited non-recoverable outgoings including single holding land tax of $1,770 and building insurance of $5,385.48.</p> <p>The property's economic value is further enhanced by its connection to <strong>Super Retail Group (ASX:SUL)</strong>, which boasts impressive financial metrics including $3.21 billion market capitalization, $3.8 billion in revenue for FY2022-23, and $274 million net profit after tax. The group demonstrates strong operational performance with an EBITDA cash conversion of 94% and plans for continued expansion with 24 new stores nationally in FY24.</p>

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