<p>Located approximately 187 kilometres east of Melbourne via the Princes Highway, Sale serves as the commercial and administrative centre for the Gippsland and Wellington Shire regions.</p> <p>With an estimated resident population of 15,302 and a significant trade catchment of 42,000+, Sale has established itself as a thriving regional hub. The city's economic stability is bolstered by its role as the principal transfer base for offshore oil and gas operations in the Bass Strait, with reserves expected to last for another 35-40 years.</p> <p>Sale is notably home to the <strong>RAAF officer training base</strong>, which serves as the main postgraduate flight training facility for the Royal Australian Air Force. This facility hosts over 800 permanent staff and students, with approximately 700 students completing courses annually.</p> <p>The broader Wellington Shire covers approximately 10,924 square kilometres of eastern Victoria and has experienced remarkable economic growth, with Gross Regional Product surging by <strong>63.73% in the last five years</strong> to $3.095 billion. The region's population is forecast to grow 14.31% by 2041 to 53,033 residents.</p> <p>Major infrastructure investments are supporting this growth, including the $513 million Princes Highway East Upgrade adding 43 kilometres of new dual lanes. The Gippsland region has also developed as a strong tourism destination, attracting over 6.71 million visitors annually.</p>

<p>The property is leased to <strong>SRG Leisure Retail Pty Ltd trading as BCF</strong>, which is a wholly owned subsidiary of Super Retail Group Limited (ASX:SUL).</p> <p>BCF (Boating Camping Fishing) is Australia's #1 outdoor retailer in its category, with over 150 locations across Australia and New Zealand. The brand has a longstanding presence at this location, which was constructed in 2003 (originally trading as Tackleworld) before being acquired by Super Retail Group and rebranded to BCF in 2022.</p> <p>Super Retail Group is one of Australia and New Zealand's largest retailers with a market capitalization of $3.6 billion. The group operates four iconic Australian retail brands:</p> <ul> <li>BCF (Boating Camping Fishing)</li> <li>Supercheap Auto</li> <li>Rebel</li> <li>Macpac</li> </ul> <p>The company has demonstrated strong financial performance with $3.21 billion in revenue (FY2022-23), $274 million net profit after tax, and an EBITDA cash conversion of 94%. Super Retail Group celebrated its 50th anniversary recently and now boasts an active club member base of 9.7 million people supported by 14,000+ team members globally.</p> <p>The tenant's continued investment in its retail network is evidenced by its plans to open 24 new stores nationally in FY24, demonstrating its commitment to brick-and-mortar retail alongside its online presence.</p>

<p>This investment presents compelling financial metrics:</p> <p><strong>Current Net Rental:</strong> $221,731 per annum plus GST</p> <p><strong>Lease Structure:</strong> Seven-year lease to SRG Leisure Retail Pty Ltd (trading as BCF) from 1 June 2022 to 31 May 2029, with two further terms of five years extending potential tenure to 2039.</p> <p><strong>Rent Reviews:</strong> Annual CPI increases, capped at 2% and collared at 3%, providing both stability and growth protection.</p> <p><strong>Outgoings:</strong> Tenant pays council rates, water rates, public liability insurance, statutory registration fees, stamp duties and usage charges, maximizing net return to the landlord.</p> <p><strong>Non-Recoverable Outgoings:</strong> Only single holding land tax ($1,770) and building insurance ($5,385.48) remain as landlord responsibilities.</p> <p>This structure offers investors predictable income growth from a financially robust ASX-listed tenant while providing excellent expense recovery, enhancing the property's investment appeal and long-term value proposition.</p>

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