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Property Report for Cnr Asling & Martin St, Brighton. For Sale by EOI closing Friday 16 November 2012 @2pm
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www.allardshelton.com.au
PROPERTY INFORMATION REPORTBAYSIDE’S BEST
C o r n e r A s l i n g S t r e e t & M a r t i n S t r e e t , B r i g h t o n
TWO OUTSTANDING DEVELOPMENT OPPORTUNITIES with (SHORT TERM) INCOME
Buy One or Buy Both!
EXPRESSIONS OF INTEREST
CLOSING FRIDAY 16 NOVEMBER 2012 AT 2: 00pm
at the office o f a l lard she lton
Corner As l ing Street & Mart in Street, Br ighton Page 2 o f 11
TABLE OF CONTENTS
PAGE
1. EXECUTIVE SUMMARY.....................................................................3
2. PROPERTY DESCRIPTION.................................................................4
2.1 LOCATION.........................................................................................................4
2.2 TOWN PLANNING.............................................................................................4
2.3 LEGAL DESCRIPTION........................................................................................4
2.4 SITE DESCRIPTION...........................................................................................5
2.5 BUILDING DESCRIPTION...................................................................................5
3. TENANCY DETAILS..........................................................................8
4. INVESTMENT CRITERIA....................................................................9
5. TERMS OF SALE.............................................................................10
6. DISCLAIMER..................................................................................11
APPENDIX A: CERTIFICATES OF TITLE
Corner As l ing Street & Mart in Street, Br ighton Page 3 o f 11
1. EXECUTIVE SUMMARYProperties: Opportunity 1:
79 Asling Street, Brighton; and
81 Asling Street & 122-124 Martin Street, Brighton
Opportunity 2:
116 Martin Street, Brighton; and
118-120 Martin Street, Brighton
Location: The subject properties are located on the south west corner of Martin Street and Asling Street, in Brighton.
The properties are surrounded by a mixture of commercial and residential properties and are within close proximity to a number of prominent businesses and retailers.
Description: The properties are being offered for sale as two separate opportunities as follows;
Opportunity 1: 79 Asling Street & 81 Asling Street & 122-124 Martin Street, Brighton
Opportunity 2: 116 Martin Street & 118-120 Martin Street, Brighton
The opportunities are available to purchase as a whole or separately.
Total Building Area: 2,198 square metres (approx.)
Total Site Area: 3,050 square metres (approx.)
Total Income: $352,137.11 per annum (approx.)
Terms of Sale: The properties are being offered for sale as a whole or separately, and are being sold by Expressions of Interest, subject to existing Lease Agreements, on the following terms:
Closing Date:
Where:
Deposit:
Friday 16 November 2012 @ 2:00pm
The office of Allard Shelton
1% of the purchase price payable upon submission of Expression of Interest.
9% of the purchase price payable on
Corner As l ing Street & Mart in Street, Br ighton Page 4 o f 11
Balance: acceptance and signing of the Contract of Sale.
To be negotiated.
Corner As l ing Street & Mart in Street, Br ighton Page 5 o f 11
2. PROPERTY DESCRIPTION
The properties are situated on the corner of Asling Street and Martin Street, Brighton and are best described as follows:
2.1 Location
The subject properties are located on the south west corner of Martin Street and Asling Street, in Brighton.
The properties are surrounded by a mixture of commercial and residential properties and are within close proximity to a number of prominent businesses and retailers, including;
House of Bread & Pastries
Bayside Hearing Clinic
Gardenvale Meat Supply
Guardian Pharmacy
7 Eleven convenience store
Martin Street Wellbeing Clinic
Nicholls Fashion Centre
Olives Restaurant
Foodworks Supermarket
The property further benefits from access to abundant public car parking amenities.
Brighton is located approximately 10 kilometres south-east of Melbourne’s CBD, and is well serviced by a number of main road arterials including; the Nepean Highway, Gardenvale Road and North Road.
Additionally, the properties are well serviced by public transport facilities, most notably, Gardenvale train station, which is located a mere 220 metres from the subject properties, and is on the Sandringham railway line.
2.2 Town Planning
The properties area situated within a Business 2 Zone under the City of Bayside Planning Scheme.
The main purpose of a Business 2 Zoning is to:
To implement the State Planning Policy Framework and the Local Planning Policy Framework, including the Municipal Strategic Statement and local planning policies.
To encourage the development of offices and associated commercial uses.
Corner As l ing Street & Mart in Street, Br ighton Page 6 o f 11
2.3 Legal Description
The land is legally described as follows;
Description Volume FolioOPPORTUNITY 1:
79 Asling Street Lots 1 & 2 on Title Plan 336794V 10983 581
81 Asling St & 122-124 Martin St Lot 1 on Title Plan 592105R 1853 451
OPPORTUNITY 2:116 Martin Street Lot 1 on Title Plan 426826J 6429 610
118-120 Martin Street Lot 58 on Plan of Subdivision 899 7028 416
A copy of the Certificates of Title is provided in Appendix A, for your reference.
2.4 Site Description
The subject properties comprise the following broad dimensions;
Northern Boundary
Eastern Boundary
Southern Boundary
Western Boundary Site Area
OPPORTUNITY 1:79 Asling Street 45.7m* 16.5m* 45.7m* 16.2m* 750sqm*81Asling St & 122-124 Martin St 45.7m* 17.4m* 45.7m* 17.4m* 795.2sqm*
TOTAL SITE AREA 1,545.2sqm*
OPPORTUNITY 2:116 Martin Street 6.1m* 62.5m* 6.1m* 62.5m* 381.2sqm*
118-120 Martin Street 19.5m* 62.5m* 16.5m* 62.5m* 1,123.8sqm*
TOTAL SITE AREA 1,505.0sqm*
*approx.
The two opportunities combined comprise a total site area of 3,050.20 square metres (approx.).
Corner As l ing Street & Mart in Street, Br ighton Page 7 o f 11
“These 2 outstanding opportunities in Brighton provide the most exciting development opportunity the market has seen in sometime . . . an extremely rare opportunity in an extremely tightly held ‘blue ribbon’ precinct.”
Corner As l ing Street & Mart in Street, Br ighton Page 8 o f 11
2.5 Building Descriptions
2.5.1 Opportunity 1
79 Asl ing Street, Brighton
Comprises single level building with retail frontage to Asling Street of 16.5 metres (approx.), which is currently being utilised as consulting rooms.
The property benefits from laneway access at the rear of the property, as well as undercover car parking at the rear and additional car parking at the front.
The property has a total building area of 486 square metres (approx.).
122-124 Martin Street and 81 Asl ing Street, Brighton
Comprises single level building with retail frontage to Asling Street of 17.4 metres (approx.) and Martin Street of 45.7 metres (approx.).
The property benefits from onsite car parking for approximately 19 cars.
The property has a total building area of 350 square metres (approx.).
81 Asling & 122-124 Martin Streets
81 Asling & 122-124 Martin Streets
79 Asling Street
79 Asling Street
Corner As l ing Street & Mart in Street, Br ighton Page 9 o f 11
2.5.2 Opportunity 2
118-120 Martin Street, Brighton
Comprises two level brick building with a large frontage to Martin Street of 19.5 metres (approx.).
The property is currently being utilised as four office/retail suites at the front of the property, and a squash courts at the rear.
The property has a total building area of 1,202 square metres (approx.).
116 Martin Street, Brighton
Comprises single level brick building with retail frontage to Martin Street of 6.1 metres (approx.), which is currently being used as an Opportunity Shop.
The property has a total building area of 178 square metres (approx.).
The two opportunities combined provide a total building area of 2,198.70 square metres (approx.).
116 & 118-120 Martin Streets
118-120 Martin Street
118-120 Martin Street
116 Martin Street
Corner As l ing Street & Mart in Street, Br ighton Page 10 o f 11
Corner As l ing Street & Mart in Street, Br ighton Page 11 o f 11
3. TENANCY DETAILSThe subject properties are currently leased on the following terms and conditions;
OPPORTUNITY 1:LESSEE AREA
(sqm) RENTAL LEASE COMM.
LEASE TERM OPTION REVIEWS
79 Asling Street, Brighton
Flying Souls Pty Ltd 468.7 $103,000.00 1/03/2011 2 years 2 years 3%, Market at
option122-124 Martin Street & 81 Asling Street, Brighton
Arsom Pty Ltd* 50.0 $15,168.79 1/07/2009 3 years Not Exercised Overholding
Wickro Pty Ltd* 180.0 $38,109.37 1/08/2012 2 years Nil PredeterminedMs A Caddaye* 120.0 $30,474.59 2/10/2012 3 years Nil 4% per annumTOTAL 350 $83,752.75
COMBINED TOTAL 818.7 $186,752.75
OPPORTUNITY 2:LESSEE AREA
(sqm) RENTAL LEASE COMM.
LEASE TERM OPTION REVIEWS
116 Martin Street, Brighton Melbourne Anglican Trust Corp.* 178 $22,430.00 1/07/2012 2 years Nil CPI
118-120 Martin Street, Brighton
David Lindsay* 75.0 $23,920.00 18/10/2012 2 years Nil 4% per annum
John Lombardo 66.0 $19,741.36 15/04/2012 2 years Nil 4% per annum
Shustin Developments Pty Ltd* 60.0 $18,035.00 9/08/2012 2 years Nil 4% per annumBrighton Squash Centre Pty Ltd* 1001.0 $75,258.00 1/07/2012 2 years Nil 5% per annum
Ohh Media Assets Pty Ltd Signage $6,000.00 1/07/2009 3 years 3 years
TOTAL 1,202 $142,954.36
COMBINED TOTAL 1,380 $165,384.36
The two opportunities combined provide a total current net income of $352,137.11 per annum.
Please note: Lease documentation for Lessee’s marked with an asterisk (*) are subject to a Demolition Clause. Full copies of the Lease Documentation will be provided upon request.
Corner As l ing Street & Mart in Street, Br ighton Page 12 o f 11
4. INVESTMENT CRITERIA
The two opportunities located on the corner of Asling Street & Martin Street, Brighton provide rare and outstanding development potential.
The key benefits of the properties include:
Huge combined frontage of 105 metre (approx.) to Martin and Asling Street’s
Business 2 Zoning
Huge land parcel of 3,050 square metres
Fantastic future development opportunities (STPA)
Great location within a prime inner-city suburb – within 10km of Melbourne’s CBD.
“A great opportunity for developers to benefit from a stable income stream whi lst explor ing the (subject propert ies) many exci t ing opt ions and planning the real isat ion of a momentous Bayside development.”
Corner As l ing Street & Mart in Street, Br ighton Page 13 o f 11
5. TERMS OF SALEThe two opportunities on the corner of Asling Street & Martin Street, Brighton are being offered for sale as a whole or separately, by Expressions of Interest, subject to Lease Agreements, on the following terms:
Closing Date: Friday 16 November 2012 @ 2:00pm
Where: The office of Allard Shelton – Level 6, 267 Collins Street, Melbourne
Deposit: 1% of the purchase price is payable upon submission of Expression of Interest
9% of the purchase price is payable of acceptance and signing of the Contract of Sale.
Balance: To be negotiated.
Thank you for your interest in 79 & 81 Asling Street & 116-124 Martin Street, Brighton
For further information or to arrange an immediate inspection, please feel free to contact the following personnel:
JOSEPH WALTON PATRICK BARNES
Business Hours: 9654 3222 Business Hours: 9654 3222
Mobile: 0417 309 347 Mobile: 0417 555 190
Corner As l ing Street & Mart in Street, Br ighton Page 14 o f 11
6. DISCLAIMER
Representation of Information
The information contained in this report is published by Allard Shelton Pty Ltd to assist potential purchasers in deciding whether or not they wish to make further enquiries with respect to the property and should not be used for any other purpose.
It is not intended that any of the information contained in this report will constitute any representation or offer by the Vendor or by Allard Shelton Pty Ltd. On contrary, prospective purchasers should obtain their own advice and make their own enquiries to satisfy themselves as to the correctness of the information. In particular all prospective purchasers should check and independently verify all descriptions, dimensions, references to conditions and necessary permissions for use and occupation and any statement concerning profitability or value.
Information in this report which has been provided to Allard Shelton Pty Ltd by others is passed on to prospective purchasers without any steps having been taken to independently verify the information and accordingly Allard Shelton Pty Ltd gives no warranty to its accuracy.
This report is provided to the recipient on a confidential basis and is not to be re-supplied to any other person without the prior written consent of Allard Shelton Pty Ltd.
The content of this report and the contract documents may be varied by subsequent versions. On the day of sale prospective purchasers should check that they are satisfied with all documentation.
Corner As l ing Street & Mart in Street, Br ighton
Appendix ACERTIFICATE OF TITLE
Corner As l ing Street & Mart in Street, Br ighton
79 Asling Street, Brighton
Corner As l ing Street & Mart in Street, Br ighton
Corner As l ing Street & Mart in Street, Br ighton
81 Asling Street & 122-124 Martin Street, Brighton
Corner As l ing Street & Mart in Street, Br ighton
Corner As l ing Street & Mart in Street, Br ighton
116 Martin Street, Brighton
Corner As l ing Street & Mart in Street, Br ighton
Corner As l ing Street & Mart in Street, Br ighton
118-120 Martin Street, Brighton
Corner As l ing Street & Mart in Street, Br ighton