What an opportunity this is to secure yourself a long term investment in the tightly held area of Eltham with main road frontage and an outstanding long established fitness centre as your tenant. The current owners feel its time to move on so now you get the opportunity to get a great return (8% approximately) and the capital growth that this location always provides. The tenancy provides the following:
- The Ridge Gym was established in 1990 with current members at 2,000 and growing
- Current 10 Year lease, commencing July 2011 with an option through to July 2031
- Current Rent: $168,827 pa (July 2015)
- Annual Rent Reviews fixed at 3%
- Recent $400,000 internal tenant upgrades.
- Ample shared car parking on-site, spread over two levels.
- Strategic location near the juncture of several of Eltham's main thoroughfares and surrounded by multi national tenancies.
- Lessee pays usual outgoings including Owners Corp.
- Impressive 1,008 sqm premises.