Australia Post leased building sells for $9 million

 Australia Post leased building sells for $9 million
Australia Post leased building sells for $9 million

A commercial property in NSW's Moss Vale anchored by IGA and Australia Post sold under the hammer for more than $9 million at Burgess Rawson auction.

The 11-13 Clarence Street building in the town centre is on a long and secure 15-year lease to IGA (Metcash) extending to 2023 with a further 15-year option.

The rest is securely leased to Australia Post extending to June 2021 with a five-year option.

The combined net income from the property is $670,596 pa + GST (as at 23/07/16) with around 90 percent coming from IGA (Metcash). 

A majority of outgoings recoverable from IGA, as per the lease and there is a guaranteed 3 percent fixed annual increases from IGA.

The auction amount of $9.03 was reported by the Australian Financial Review.

Moss Vale is a town in the Southern Highlands, an hour from Sydney's outer suburbs.

Tags: 
Shopping Centre Commercial Sale

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