20 Heaths Court, Mill Park
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
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.