New 24/7 Fitness Investment with Long Lease in Melbourne North

The Details

Location
Melbourne, VIC
Type
Retail
Purchase Price
$3,350,000 (as a going concern)
Rent
$189,237 per annum
Yield
5.65%
Cashflow
$36,812 (70% loan at 6.5%)
Total Return (incl. capital gains)
$237,812 (cashflow + 6% growth)
Lease
7-year lease; 3 x 5-year options to 02/09/2042; 3.5% annual increases; market at options
Total Area
717 sqm approx

Why We Love This Property

  • National 24/7 gym tenant (Plus Fitness)
  • 7-year lease with 3 x 5-year options
  • 3.5% fixed annual increases with market reviews at options
  • Circa 2025 build with modern fitout
  • 717 sqm approx NLA within bustling retail precinct
  • Ample shared parking on common property
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