Neutral Bay TAB site tipped to sell at auction for more than $3 million
A Tabcorp-leased commercial site at Neutral Bay is expected to sell for more than $3 million when it goes under the hammer.
The prime property is part of Burgess Rawson’s Flagship Portfolio auction event, to be held from 11am on Tuesday, at the Sydney Opera House’s Yallamundi Rooms.
The property, is tenanted to Tabcorp on a secure 10-year lease to 2026 with options extending to 2036.
The 175sqm property, at G02/128 Military Rd, is also close to Coles, Woolworths and The Oaks Hotel.
Kieran Bourke, Burgess Rawson associate director, said the property was a gem in the modern Bay Central area, which was sought-after for its prime location and strong tenant.
It is expected to return an annual net income of $159,570 (plus GST), with three per cent annual rental increases.
Mr Bourke, the rarity of the investment had resulted in strong inquiry and he anticipated competitive bidding come auction day.
“Reporting an annual revenue of $5.224 million in FY20 and boasting 4400 locations nationally, Tabcorp is a solid tenant boasting a reliable investment opportunity to astute bidders,” he said.
“The property’s location is another major drawcard. Neutral Bay is a popular area amongst investors with its affluent lower north shore demographic and convenient location only 7km to the Sydney CBD.
“An investment opportunity of this nature does not come along often. We anticipate high levels of interest and the sale to exceed $3 million.”