Freestanding Officeworks Investment, Brand New Lease

423 Smollett Street, Albury NSW

Property Highlights

Blue-chip essential service investment
Officeworks wholly owned by Wesfarmers
Brand new 6 year lease plus options
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Description

Renewed lease to Officeworks until January 2027 plus options.
Blue-chip tenant, wholly owned subsidiary of $62 billion Wesfarmers Ltd (WES: ASX).
Officeworks is a market leading essential service retailer and major beneficiary from the work-from-home shift, recently reporting a 23.6% increase in half year sales revenue*.
Significant depreciation benefits, with 58.2% of first year’s rent potentially tax free.**
Attractive net lease terms with the tenant responsible for rates, insurance and land tax
Strategic CBD gateway corner location surrounded by The Good Guys, Dan Murphy’s, KFC, First Choice Liquor, Mercedes Benz and Albury Station, all within 300 metres.
Long established 4,924 sqm site with over 95 metre frontage to Riverina Highway, occupied by Officeworks since 1999.
The twin cities of Albury/Wodonga have a booming population of 100,435, with 7,673 businesses supporting 51,747 jobs***.
Housing demand in Albury (monthly views per property) is up 290% since March 2020 and the median unit price has increased 25.5% in the last 5 months****.
Estimated Net Rent: $525,000 pa

For Sale by Investment Portfolio Auction
10:30am (AEST) Wednesday 12 May 2021
Crown Casino, Melbourne

*Wesfarmers
**Napier & Blakeley
***.id
****realestate.com.au

Property Details

Listing
Sale
Current Tenant
Tenanted
Occupancy Type
Retail
Land Size
4,924 SQM
Building Area
2,515 SQM

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