38 Rudloc Road

Morley WA 6062

2 STREET FRONTAGES (RUDLOC ROAD AND DEWAR STREET)
ADJACENT TO THE GALLERIA SHOPPING CENTRE
3766 SQUARE METRE SITE
1714 SQUARE METRES OF BUILDING
TITLE DETAILS:
VOLUME 1715 FOLIO 831
LAND AREA:
3,766 SQUARE METRES
LESSEE:
COMMONWEALTH OF AUSTRALIA
TERM:
2 YEARS (2ND OPTION)
CURRENT RENTAL:
$389,455.18 PER ANNUM PLUS GST AND VARIABLE OUTGOINGS.
LOCATION:
THE SUBJECT PROPERTY IS LOCATED IN THE SUBURB OF MORLEY, SITUATED APPROXIMATELY 8 KILOMETRES NORTH EAST OF THE PERTH CBD. SPECIFICALLY, THE PROPERTY IS LOCATED BETWEEN RUDLOC ROAD AND DEWAR STREET, WHICH IS BETWEEN RUSSELL STREET AND COLLIER ROAD. THE MORLEY GALLERIA SHOPPING CENTRE, WHICH IS ONE OF PERTH’S LARGEST SHOPPING CENTRE AND ENTERTAINMENT COMPLEXES, IS LOCATED ADJACENT TO THE PROPERTY.
SITE AREA:
THE PROPERTY HAS AN APPROXIMATE FRONTAGE TO RUDLOC ROAD OF 31.2 METRES, AN APPROXIMATE FRONTAGE TO DEWAR STREET OF 31.21 METRES AND A DEPTH OF 120.71 METRES. THE SITE HAS A TOTAL AREA OF 3,766 SQUARE METRES AS SHOWN ON THE CERTIFICATE OF TITLE ATTACHED WITH THIS REPORT.
ZONING:
THE PROPERTY IS CURRENTLY ZONED “CENTRAL CITY AREA” UNDER THE CITY OF BAYSWATERS CURRENT TOWN PLANNING SCHEME.
LEASE DETAILS:
THE FOLLOWING LEASE DETAILS, AS PER THE COPY OF THE LEASE PROVIDED TO US RELATE TO THE PROPERTY:
LESSEE:
COMMONWEALTH OF AUSTRALIA
PREMISES (AREA):
BUILDING – 1643.4 SQUARE METRES;
STORAGE – 70.9 SQUARE METRES.
TERM:
5 YEARS (COMMENCED 1 JANUARY 2003)
OPTIONS:
1 JANUARY 2008 TO 31 DECEMBER 2009;
1 JANUARY 2010 TO 31 DECEMBER 2011.
CURRENT RENT:
TOTAL: $389,455.18 PER ANNUM PLUS GST AND VARIABLE OUTGOINGS.
RENT REVIEWS:
EACH ANNIVERSARY OF THE COMMENCEMENT DATE BY A FIXED RATE OF 3% AND THE RENT FOR THE STORAGE AREA BY A FIXED RATE OF 4%.
A COPY OF THE LEASE SCHEDULE AND THE SURVEYED PLAN OF PREMISES ARE ATTACHED WITH THIS REPORT.
MARKET & GENERAL COMMENTS:
GOOD QUALITY COMMERCIAL PROPERTIES SUCH AS 38 RUDLOC ROAD MORLEY ARE SOUGHT AFTER INVESTMENTS IN THE MARKET. DEMAND FOR COMMERCIAL INVESTMENT PROPERTY WITH QUALITY LEASE COVENANTS AND TENANTS SUCH AS THIS PROPERTY POSSESS IS LIKELY TO BE STRONG WITHIN THE PERTH METROPOLITAN AREA. LAND VALUES HAVE GROWN OVER THE PAST 18 MONTHS DUE TO HIGH LEVELS OF DEMAND.
DEMAND FOR SUBURBAN LOCATED OFFICES IS GROWING DUE TO THE LACK OF SPACE AND HIGH RENTAL LEVELS IN THE PERTH CBD, WEST PERTH AND OSBORNE PARK. THIS IS RESULTING IN MORE OFFICE DEVELOPMENTS OCCURRING IN AREAS SUCH AS BELMONT, KEWDALE, MYAREE AND OTHER SUBURBAN LOCATIONS.
THERE IS VERY LITTLE OF THIS TYPE OF PROPERTY AVAILABLE FOR SALE IN THIS LOCATION AND OTHER SIMILAR SUBURBAN LOCATIONS (IE. ADJACENT TO MAJOR SHOPPING CENTRES.
STRENGTHS:
LOCATED ADJACENT TO THE GALLERIA SHOPPING CENTRE.
EXISTING IMPROVEMENTS IN SOUND CONDITION.
FEDERAL GOVERNMENT TENANT – SECURITY OF INCOME.
OPPORTUNITIES:
RE-DEVELOPMENT, CONVERSION OR SUBDIVISION POTENTIAL.
EXTENSION OF LEASE / NEW LEASE WITH CENTRELINK
SALE DETAILS:
ASKING PRICE: $5,750,000 NIL GST – GOING CONCERN
SETTLEMENT: 30 DAYS FROM CONTRACT ACCEPTANCE
FOR MORE INFORMATION AND INSPECTION, PLEASE CONTACT:
PAUL FARRIS 0424 888 778
PAULF@RFRE.COM.AU
SIMON GILL 0402 338 447
SIMONG@RFRE.COM.AU