I N F O R M AT I O N M E M O R A N D U M
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THREE SEVEN 137 LONGUEVILLE RD LANE COVE
RARELY AVAILABLE INVESTMENT PROPERTY IN THE HEART OF LANE COVE
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THREE SEVEN
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137 LONGUEVILLE RD LANE COVE, NSW
CONTENTS
KEY HIGHLIGHTS 05 WELCOME 07 EXECUTIVE SUMMARY 08 LOCATION 10 BUILDING OVERVIEW 15 SITE OVERVIEW 17 PLANNING SUMMARY 18 LEASING SYNOPSIS 20 FINANCIAL SUMMARY 21 SALE PROCESS 23 DISCLAIMER 24
VERY WELL LOCATED, VERSATILE RETAIL / COMMERCIAL PROPERTY
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THREE SEVEN
137 LONGUEVILLE RD LANE COVE, NSW
KEY HIGHLIGHTS
Fully leased to an established tenant who has not requested any rental relief during the Covid 19 period Two street f rontages with rear lane access to on-site parking Long residual lease term Annual rent increases with a ratchet protected market review at the exercise of the option
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INFORMATION MEMORANDUM
Excellent “High Street” f rontage of approximately 6.1m
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THREE SEVEN
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137 LONGUEVILLE RD LANE COVE, NSW
WELCOME
MMJ Real Estate together with Colliers International are delighted to present 137 Longueville Road, Lane Cove, NSW Australia to the market which is being offered for sale by by public auction on the 6th October 2020 at 50 Margaret Street, Sydney.
INFORMATION MEMORANDUM
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RICHARD GARLAND MMJ Real Estate Sydney
STEAM LEUNG Colliers International
0412 630 530
0412 236 138
richard.garland@mmj.com.au
steam.leung@colliers.com
EXECUTIVE SUMMARY
PROPERTY ADDRESS 137 Longueville Road, Lane Cove NSW 2066
ZONING
TITLE Lot 9 DP 12147
CAR PARKING 2 spaces at rear
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B2 Local Centre (Source – NSW Planning Portal)
SITE AREA
BUILDING AREA
139 square metres * (Source – Six Maps)
147 square metres * (Source – Marketing Drawing)
INTEREST FOR SALE 100% Freehold
TENANT Lane Cove Home Loans Pty Ltd (Trading as Aussie Home Loans Lane Cove)
HEIGHT LIMIT 9.5m (Source – NSW Planning Portal)
FLOOR SPACE RATIO 2:1 (Source – NSW Planning Portal)
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$68,500 p.a. *
SALES PROCESS Tuesday 6 October 2020 at 10:30am Mezzanine Level, 50 Margaret St, Sydney
TO ARRANGE AN INSPECTION, PLEASE CONTACT THE SELLING AGENTS.
INFORMATION MEMORANDUM
ESTIMATED NET ANNUAL INCOME
LONGUEVILLE ROAD PROVIDES THE SPINE OF THE RETAIL AND BUSINESS SERVICES AREA.
MARKET SQUARE WOOLWORTHS LANE COVE
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LIBRARY
LANE COVE PLAZA
L O C AT I O N // L A N E C OV E
NAB
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INFORMATION MEMORANDUM
SUBJECT PROPERTY 137 Longueville Road Lane Cove
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THREE SEVEN 137 LONGUEVILLE RD LANE COVE, NSW
VERY WELL LOCATED, VERSATILE RETAIL / COMMERCIAL PROPERTY Lane Cove is a suburb on the Lower North Shore of Sydney, approximately nine kilometres north-west of the Sydney CBD. It is the administrative centre for the local government area of the Lane Cove Council.
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Lane Cove forms part of a peninsula on the northern side of Sydney Harbour, at the opening of the Lane Cove River.
LOCATION
The Lane Cove village offers the community a wide range of retail outlets as well as many restaurants and cafes. The Market Square Shopping Centre is a very popular destination as it houses the Council Car Park, Library and Woolworths supermarket.
A pedestrian plaza at the eastern end of Burns Bay Road, where it meets Longueville Road, is a family f riendly shopping and dining area, and also the heart of community events such as Sunset in the Village. Longueville Road provides the spine of the retail and business services area. The high-prof ile property, 137 Longueville Road, sits between the Lane Cove Library, NAB and the entrance to Lane Cove Plaza. At the rear of the property is the very popular Lane Cove Market Square Shopping Centre.
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INFORMATION MEMORANDUM
The regional administrative and shopping hub of Chatswood is located approximately 3 kilometres away, and the major business and education precinct of Macquarie Park is approximately 4 kilometres away.
BUILDING OVERVIEW
137 Longueville Road, Lane Cove is a two storey mixed use building with a total building area of approximately 147sqm. The current building layout is for off ice accommodation on both the ground and f irst floors. Access between the floors is by one set of internal stairs. Tenant parking is provided via entry f rom Library Place for two ongrade spaces.
FLOORS
Ground Floor – Concrete. First Floor - Timber
FLOOR COVERINGS Ground Floor – Floating timber and carpet. First Floor – Carpet, ceramic tiles, and linoleum WALLS
External – Face brick. Internal – rendered brick
WINDOWS
A combination of aluminium f ramed and glazed, and timber f ramed and glazed
CEILINGS
A combination of gyprock and plaster
ROOF
Metal deck
AMENITIES
A full bathroom is located on the First Floor
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KITCHEN
A kitchenette is located on the First Floor
AIR CONDITIONING Package
units are located on both the Ground and First Floors
STORAGE
There are storage areas on the Ground Floor and in the Basement
OFFICE
3.9 15.1
2.1
2.1
STORE
FIRST FLOOR
OFFICE
3.3
18.5
MEALS
2.7
OFFICE
4.5
3.4
OFFICE
3.1
15 2
49 m2 13 m2
GROUND FLOOR
1.8
FIRST FLOOR Office Amenities
DECK 1.7
3.1
0
11.2
3.4
STORAGE
9.5
2
4
1.7
BASEMENT
5.2
STORE
INFORMATION MEMORANDUM
OFFICE
4.2
4.8
2
13 m2
RECEPTION
Information Schedule BASEMENT Storage GROUND FLOOR
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8
3.2
1.4
2.8
3.9 1.0 3.0 1.8
5.3 5.3
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LIBRARY
PLACE
LONGUEVILLE RD
SITE OVERVIEW
TITLE PARTICULARS Lot 9 DP 12147
SITE AREA 139 sqm (Source – Six Maps) FRONTAGE Approximately 6.1m (Source – NSW Land Valuation) UNIMPROVED LAND VALUE at 1/7/2019 $666,000
All dimensions and areas are approximate.
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INFORMATION MEMORANDUM
ACCESS Access to the building for customers is f rom Longueville Road and staff can also obtain access f rom Library Place
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PLANNING SUMMARY
THREE SEVEN 137 LONGUEVILLE RD LANE COVE, NSW
ZONING
B2 Local Centre
PLANNING INSTRUMENT Lane Cove Local Environmental Plan 2009 FSR 2:1
HEIGHT LIMIT 9 metres PERMITTED DEVELOPMENT (with consent)
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• • • • • • • • • • • • • • •
Boarding houses Car parks Centre-based childcare facilities Commercial premises Community facilities Educational establishments Entertainment facilities Function centres Information and education facilities Medical centres Registered clubs Respite day care centres Shop top housing Signage Tourist and visitor accommodation
ZONING
OBJECTIVES OF THE ZONE
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To provide a range of retail, business, entertainment and community uses that serve the needs of people who live in, work in and visit the local area. To encourage employment opportunities in accessible locations. To maximise public transport patronage and encourage walking and cycling. To ensure that this centre functions as a Town Centre in the hierarchy of Inner North Sub-region retailing.
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To permit development for the purposes of off ices, community, and other facilities. To encourage urban design maximising attractive public domain and adequate circulation space throughout the Lane Cove town centre for current and future users. To ensure that landscaping is a signif icant element in public and private development viewed f rom the public domain.
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INFORMATION MEMORANDUM
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Source NSW Planning Portal
L E A S E S Y N O P S I S //
F U L LY L E A S E D TO AN ESTABLISHED TENANT WHO HAS NOT REQUESTED ANY RENTAL RELIEF DURING THE COVID 19 PERIOD
The name of the Lessee has recently been changed to Lane Cove Home Loans Pty Ltd via an Assignment of Lease. The previous Lessee, AKL Finance Pty Ltd, had a Sole Director. This Director now has a new partner and requested the assignment so that his partner could also guarantee the lease. The assignment provided for an extension of the lease term f rom 30 September 2024 to 30 November 2024. AKL Finance Pty Ltd have occupied the premises since 1 October 2014.
LESSEE Lane Cove Home Loans Pty Ltd
LEASE COMMENCEMENT 01 October 2019
LEASE EXPIRY 30 November 2024
LEASE OPTION TERM 5 Years
CURRENT RENTAL $75,500 p.a. + GST
SECURITY DEPOSIT $20,762.49 p.a. *
OUTGOINGS The lease offers an investor many benef its, including the tenant paying for water, gas, electricity and telephone usage, cleaning, pest control, repairs & maintenance to the Air Conditioning system, Public Liability Insurance for $20m, plate glass insurance plus painting of the premises in the last year of the lease.
RENT REVIEWS Annual adjustment in accordance with CPI, plus ratcheted market review if Option is exercised
WATER RATES – FY20
$774 (Supplied by Vendor)
TOTAL OUTGOINGS
$6,664
ESTIMATED TOTAL OUTGOINGS 2020
$7,000
RENTAL INCOME 2020
$75,500
LESS OUTGOINGS
$7,000
ESTIMATED NET ANNUAL INCOME
$68,500
F I N A N C I A L S U M M A R Y //
$5,890 (Supplied by Vendor)
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INFORMATION MEMORANDUM
COUNCIL RATES – FY20
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THREE SEVEN
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137 LONGUEVILLE RD LANE COVE, NSW
SALE PROCESS A 100% f reehold interest in 137 Longueville Road, Lane Cove is being for sale by Public Auction at 10:30am on the 6th October, 2019 (AEST). AUCTION VENUE The auction will be conducted by auctionWORKS at Mezzanine Level, 50 Margaret St, Sydney NSW 2000 INSPECTIONS All inspections by potential purchasers and/or their consultants are to be arranged by prior appointment with one of the exclusive selling agent.
CHANGES TO THE PROCESS The Vendor reserves the right, in its sole discretion, to postpone or cancel the proposed sale of the 100% interest and to modify or add any terms and conditions to the proposed contract or other materials associated with the proposed sale which may be made available to a potential purchaser.
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INFORMATION MEMORANDUM
ELECTRONIC DATA ROOM To assist with the assessment of the opportunity, a Dropbox link has been established to facilitate the provision of due diligence material. Please contact one of the agents to obtain access to the link.
SELLING AGENTS
RICHARD GARLAND MMJ Real Estate Sydney
STEAM LEUNG Colliers International
0412 630 530
0412 236 138
richard.garland@mmj.com.au
steam.leung@colliers.com
DISCLAIMER
The agent(s) for themselves and the vendors of the property whose agent(s) they are, give notice that: (i) The particulars are set out as a general outline only for the guidance of purchasers and do not constitute an offer or contract. (ii) All descriptions, dimensions, references to conditions and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but purchasers should not rely on them as statements or presentations of fact, but must satisfy themselves by inspections or otherwise as to the correctness of each of them; and a draft Agreement for Sale of Land which is available for inspection at the offices of The agent(s). In the event of any inconsistency between this Information Memorandum and the Agreement for Sale of Land, the provisions of the Agreement for Sale of Land shall prevail.
(iii) No person in the employment of the agent(s) has any authority to make or give any representation or warranty whatsoever in relation to the property. (iv)The agent(s) and the vendor, each of their associates and every person involved in the preparation of this Information Memorandum expressly disclaim any liability on any grounds whatsoever for any direct or consequential loss or damage (whether foreseeable or not) which may result from any party acting on or relying upon all or any part of the information contained in the Information Memorandum notwithstanding any negligence, default or lack of care.