Commanding Secure Investment Leased To Two National Tenants

Posted on 09th September 2022

A commanding freehold investment leased to two national tenants in TAB and Vinnies, within the prime section of the Keilor Road shopping precinct, has hit the market.

Fitzroys’ Chris Kombi and Ervin Niyaz are marketing 481 & 481A Keilor Road, Niddrie via Expressions of Interest closing Thursday, 15 September at 3pm on behalf of a private owner.

Expectations are of $4 million-plus.

The two well-presented, expansive shops have a combined building area of 904sqm, on a significant Commercial 1-zoned landholding of 650sqm over two titles with commanding frontage to Keilor Road of 15.24m. There is also shared ownership of 817sqm additional rear land used for car parking.

The property returns $200,078 per annum plus outgoings and GST from ASX-listed top 100 company TAB and Vinnies, operated by Society of St Vincent de Paul and with over 650 locations nationally.

“This is an unrivalled opportunity to acquire a commanding freehold investment leased to two national tenants, located within the prime trading section of an established shopping precinct with an array of national traders and supported by a significant and growing catchment area,” Kombi said.

Both tenants have five-year lease terms with five-year options.

“This is an excellent example of a well-located, income-producing bricks and mortar asset leased to quality tenants that delivers a consistent, reliable cash flow amid the current sharemarket and residential market volatility,” Kombi said.

Niyaz said the property also provides scope for future re-development and/or subdivision.

“The purchaser has the opportunity to collect a reliable, consistent cash flow while assessing their options for the site, making this one of the north-west’s best landbanking opportunities.”

The Keilor Road shopping precinct is anchored by Niddrie Central Shopping Centre, which includes a full-line Woolworths supermarket and BWS. Surrounding tenants also include CBA, NAB, Australia Post, Advantage Pharmacy, Chemist Warehouse, Pet Barn, and established food and beverage operators, boutique apparel groups and showrooms.

The immediate area is serviced by the Route 59 tram operating along Keilor Road, and excellent road connectivity with easy access to Matthews Avenue, Tullamarine and Calder Freeways, CityLink, and Bulla and Mt Alexander Roads.

Niyaz said Niddrie is undergoing a period of transformation as multiple underutilised sites are developed into high density mixed-use complexes with retail and high-rise residential living, adding to population growth and foot traffic in the shopping precinct.