Megara Sixteen Pty Ltd ("Megara") has purchased the property located at 29 Pass Street, Geraldton.
The Land is currently the subject of a conditional Subdivision Approval from the Western Australian Planning Commission. This Subdivision Approval allows the subdivision of the Land into 6 retail tenancies and 9 warehouse tenancies.
Key features of the Project:
The subject development will comprise of 6 retail tenancies and 9 industrial/warehouse tenancies to be delivered in one stage.
In September 2016, an approved Development Application was obtained for 6 retail uses and 9 warehouse uses. Significant value has been added to the site which is reflected in the valuation report.
Geraldton is a coastal city in the Mid-West region of WA, located 424 km north of Perth. At June 2015, Geraldton had an estimated urban population of 39,825. The subject Land is bound by 3 frontage locations in North West Coastal Hwy, Eastward Rd and Pass St. The most significant feature of this property is its location at the controlled intersection of North West Coast Highway being the major thoroughfare through Geraldton and effectively the connecting road between Perth and the North West.
The commitment by Aldi and Caltex has underwritten the proposed development and enhanced its desirability to other prospective tenants and indications are that further tenants and/or purchasers will be contracted over the next few months. Tenancies secured or proposed include:
Total Investment sought: $4.2m
Closing Date: 20 February 2017
Projected Project Duration: 15 months
Estimated investment return: 25%
As settlement of the sale of the subdivided lots begins, proceeds will be applied in the following order:
For further information and to view the Information Memorandum for the Geraldton Commercial Retail project, please contact Derek Barlow, Property Director on (08) 6558 0355 / firstname.lastname@example.org