Rivett is a suburb within the Weston Creek District, located approximately 15 kilometres south-west of the Canberra CBD. Weston Creek has long been considered the geographical centre of Canberra and has easy access to several major arterial road networks.
The subject property is adjacent to playing fields and boasts a cafe, bakery, Australia Post/News Agency, church, respite centre, child care centre and community centre as neighbours.
The building comprises a late 1970's semi-detached, single level premises of brick construction with a concrete tiled roof. The site totals 445sqm and is zoned CZ4: Local Centre. Internally the premises is generally open plan (shelving, displays and aisles) presenting as a typical suburban supermarket business, storage, amenities and a small office at the rear. In addition there is a large cold storage with roller door access at the back of the building. Surrounding the property is public car parking servicing the retail businesses and respite centre.
The new lease to the tenant commenced 1 January 2021 and is due to expire on 31 December 2040, with a further 10 year option. The rental throughout the lease is reviewed to the higher of 3% or CPI.
Term: 20 years (commenced 1 January 2021)
Options: 1 x 10 year option
Rental: $134,205 (Plus GST) (Year 1)
Rent Reviews: Higher of 3% or CPI
Outgoings: Tenant to pay 100% of Water and Sewerage, Insurance, Land Tax, Body Corporate Management Fees. Rates: Increases only over the base year $6,500, 30 June 2020.
Net Rental: $127,705 - Year 1.
The property is being sold via expressions of interest with expectations on the sales price within a net yield of 5% - 6%.
Inspections are via appointment only.
* Lines are only indicative of the property boundaries.