20 Heaths Court, Mill Park

LAND-RICH COMMERCIAL ASSET LEASED TO ASX LISTED TENANT

Jones Real Estate is pleased to announce the sale of 20 Heaths Court, Mill Park.

The property comprises a significant and strategic land holding of 24,414 sqm* situated within a land constrained market. The site is zoned ‘Commercial 2’ creating a range of higher order development opportunities in the future. The asset is subject to a 15 year lease expiring April 2033 to ASX listed company Food Revolution Group (ASX:FOD) with the lease providing fixed rental growth of 3.0% p.a.

– Fully leased to ASX listed tenant Food Revolution Group (ASX:FOD).

– Fixed annual 3% rental increases throughout the term of the lease.

– Rental income of $850,000* p.a. (as at May – 2022).

– The tenant has invested significant capital in the facility in recent times, demonstrating their commitment to the site.

– Building area of 11,420 sqm*.

– Significant and strategic land holding of 2.4* hectares within land constrained market.

– Commercial 2 Zoning providing a multitude of future uses for the site.

– Major recent capital works have been undertaken including full office refurbishment.

– Excellent connectivity to Melbourne CBD and Melbourne International Airport.

– Retail amenity nearby – Woolworths anchored neighbourhood shopping centre next door, Westfield Plenty Valley approximately 1.2kms north-west.

– High underlying land value underpins the asset.

*Approx.

Disclaimer: Sizes and dimensions described are approximate. Parties should not rely on the information contained within this summary; we recommend seeking professional advice before proceeding.