TREMENDOUS FUEL & FAST FOOD DEVELOPMENT OPPORTUNITY
6,899sqm* high exposure corner site
Directly opposite Karnup Shopping Centre
Current holding income of $290,621pa*
CBRE and Raine and Horne Mandurah are pleased to present an exceptional high profile corner development opportunity on behalf of BP Australia Pty Ltd.
This prominent 6,899sqm* corner site directly opposite the Singleton Village Shopping Centre and boasts over a 70m* frontage to Mandurah Road and over 100m* frontage to Singleton Beach Road.
Development Approval was granted on the 31st March 2020 for an 8 bay service station and convenience store, two fast food restaurants and commercial units. At the expiry of the existing lease, the prospective purchaser will be required to develop a BP Service Station as per the DA providing a net income of $340,000 per annum for a 15 year term with two 5 year renewal options, annual CPI increases and market review upon renewal, starting at completion and handover.
Currently the site houses a Coles Express with a lease extension granted until May 2022 providing a net income of $284,412* per annum with 6 months payable in advance from 12th November, 2020. A surf board repair shop is also trading on a monthly basis with a net income of $9,382* per annum. The balance of buildings on the site are currently vacant.
This opportunity afford buyers with the potential to secure suitable tenants for the balance of the site with some initial interest attracted for fast food operators including Hungry Jack’s.
We consider this a rare development and investment opportunity to secure a BP Service station development whilst realising a broader development outcome in a prominent proven location.
The property is being offered for sale via an Offers to Purchase Invited closing Thursday 26th November 2020 at 3pm AWST.
For further information, please contact the exclusive sales and marketing agent’s CBRE and Raine & Horne Mandurah.