Constructed in approximately 1967, the subject properties comprise of a single elevated curved building with a central car park, which is controlled and maintained by the ACT Government. All tenancies have individual amenities and have recently undergone refurbishments. There is a service driveway which wraps around the rear of the building providing good access for trucks and rear access to each tenancy. There are a total of 13 individual shops within the complex.
The subject properties are identified as Block 2, 6, 10, and 11, all of Section 23, Division of Torrens. Block 6 forms Unit Plan no. 76, incorporating 5 units (NB no body corporate as owned by one entity). The remaining properties comprise of individual Crown Leases.
Crown Lease Term
The Crown Lease of each property has a residual unexpired term of approximately 52 years, expiring on 18 April 2066 (all properties).
5 cents per annum, if an when required.
Within the Territory Plan the subject properties are designated as land falling under CZ4 – Local Centre Zone under the Planning and Development Act 2007 and Regulation 2008.
To use the said land only for non-retail commercial businesses and banking and professional offices and such other purposes as may be approved in writing by the Minister EXCEPT that if a basement is incorporated in the said building such basement shall only be used for storage purposes associated with the businesses conducted in the said building. Use of the land for retail shops or for motor vehicle servicing or fuel sales will not be permitted.
Rental Income $89,984.28 per annum
Outgoings $19,737.29 per annum