Discover an outstanding development opportunity at 18 Nineteenth Avenue, Hoxton Park. This vacant block of land, spanning 900 square meters with a 22-meter frontage, is situated in a thriving residential neighbourhood. With significant development potential, this site is perfect for a 3-lot subdivision. Currently being sold by Telstra, a trusted blue-chip listed tenant, the property includes a 2-year leaseback arrangement, providing secure holding income while development plans are executed.
Key Features:
- Strategic Location: Located in the heart of Hoxton Park, this property is in close proximity to local amenities, schools, parks, and public transport, making it a desirable location for residential development.
- Generous Site Dimensions: The 900 square meter site with a 22-meter frontage offers ample space for a 3-lot subdivision, providing a lucrative opportunity for developers to create multiple residential dwellings (subject to council approval).
- Secure Leaseback Income: Telstra, a reputable blue-chip tenant, offers a 2-year leaseback commencing immediately after settlement, providing a steady annual rental income of $50,000 (Triple net lease). This leaseback arrangement offers financial security while you plan your development.
Lease Details:
- Initial Lease Term: 2 years (24 months), ensuring immediate income stability for the investor.
- Option to Extend: One 12-month option term.
- Commencing Rent: $50,000 per annum (Triple net lease), with Telstra responsible for all outgoings, including maintenance, insurance, and property taxes.
Rent Review: Annual rent increase of 3%, ensuring the rental income aligns with market trends.
- Lease Commencement Date: One day after settlement, guaranteeing immediate rental income.
- Lessee Works: Before lease expiry, Telstra will remove all Telstra SCAX huts and equipment before the end of leaseback period, ensuring the site is prepared for redevelopment.
Early Termination Clause: During the option period, Telstra may terminate the lease early with a minimum of 3 months' notice. Telstra can provide this notice 3 months before the end of the initial 2-year term to prevent the lease from rolling over into the option period.
18 Nineteenth Avenue is an exceptional opportunity for developers and investors looking to capitalize on the growth in Hoxton Park. With significant development potential, a generous site area, and secure leaseback income from a listed blue-chip tenant, this property offers the perfect blend of immediate returns and future development opportunities.
Contact Information: For further details or to schedule an inspection, please contact Shafeel Haq at Ray White on 0452 054 290.
For Sale via Public Auction - Saturday 28 September 10:00AM
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