EASY MONEY: Investors set to cash in on fantastic tenant
ATTENTION savvy investors, a great new commercial real estate opportunity has emerged, promising to make your money work harder for you.
The owners of the Fantastic Furniture Superstore on Gladstone Rd, Allenstown are looking to divest, selling their building but they plan to spend at least the next decade as a stable tenant at the premises with a long-term lease.
Knight Frank Rockhampton's principal commercial sales leasing consultant Neale Crow said this was a fantastic passive investment opportunity where the investor would own the building and collect rent, getting a better return than if they were to park their money in a bank account.
Mr Crow said the property was listed last Tuesday, seeking offers to purchase, they had received a number of inquiries.
He expected a surge of interest with Knight Frank's national marketing campaign kicking off shortly.
"It's a good tenant as part of a national retail group on a long lease, with 3300sq m of internal space broken up into retail and warehouse facilities, sitting on 6900sq m of land on the Bruce Highway," he said.
"It's a rejuvenating area, you've got the Aldi opened up next door and the brand new ARB superstore has also just opened up in area, it's very well positioned.
He estimates the net income from being landlord of the building to be about $500,000 per annum with guaranteed rental growth - CPI annual increases.
Fantastic Furniture began in Sydney in 1989 and has grown its brand into 78 superstores across the country by becoming Australia's best value furniture and bedding retailer, and manufactures its own sofas and mattresses.
Featuring 65 parking spaces, the modern freestanding Fantastic Furniture Superstore was recently upgraded to business standard.
Deadline for offers to purchase is 5pm on November 6, 2019.
Contact Neale Crow on 0418 886 162.