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5-Year Net Lease with 4% Annual Increases

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Belle Property Commercial Canberra are pleased to offer for sale Unit 8, Midnight, Braddon which is located within the prominent Braddon’s gateway adjacent to the Elouera Street light rail stop.

Recently completed by Geocon, a Canberra based property development, construction and hotel management company focused on delivering high profile mixed-use projects across Canberra, Midnight has transformed the Northbourne Avenue corridor by incorporating 230 high‑quality residential apartments, 199 5-star hotel rooms (operated by Marriott), 1,500sqm of boutique ground and lower ground floor commercial space and 137 public car parks. The project interacts with the new light rail facility enhancing pedestrian connectivity and is the most exciting mixed-use development in Canberra to-date.

The 23 ground and lower ground floor commercial units comprise a range of boutique style commercial tenancies ranging from 40sqm to 130sqm with some having external frontage onto Mort Street and Northbourne Avenue and others facing into an internal atrium linked to the hotel lobby. Committed occupiers include Boy + Co Barber Studio, Geodetica, AJ Hair & Bridal, Forcefield Services, Ace Dental Care, The Midnight Bar and the Braddon Merchant Restaurant.

Unit 8 is a 57sqm ground floor commercial tenancy located within the open-air internal atrium directly adjacent to a magnificent waterfall feature flowing down from the hotel infinity pool. The property comes with a 17sqm secure basement carpark and a 3sqm storage cage on title. The property is leased on the following terms:

• Tenant: Tanoa Barbers Pty Ltd (trading as Boy + Co Barber Studio)
• Lease Commencement: 1 December 2019
• Lease Term: 5 years
• Outgoings: Tenant Pays 100% (NET Lease)
• Net Annual Income: $44,720 +GST (as at 1 Dec 2020)
• Annual Increases: Fixed at 4%pa
• Security: 3-month bank guarantee + personal guarantee

For further information or to arrange an inspection, please contact the exclusive agent, Mark Nicholls of Belle Property Commercial Canberra.

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26/10 Trevillian Quay, Kingston ACT 2604

Property information

Property ID
a0Q2u000001pRsOEAU
Property Type
Commercial
Type
For Sale
Category
Retail
Building Size
57.00m2
Available Documents

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