Auction: Grab a slice of Tasmania in this Domino’s-anchored asset
No.27 South Arm Rd, Rokeby will be sold under the hammer. Picture: Supplied
AN entry level Eastern Shore investment property is attracting “strong inquiry” ahead of its auction this month.
Devine Property and Burgess Rawson have listed No.27 South Arm Rd, Rokeby, a 515sq m building anchored by Domino’s.
Burgess Rawson partner Matthew Wright said inquiries for the assets had come from a mix of different investor groups.
“We have seen first time commercial investors, second time and experienced investors with multiple holdings all inquire to date, which demonstrates the key fundamentals of this property are ticking a lot of investors boxes,” he said.
“The affordable price point and diverse tenancy mix — with multiple income streams — and Dominos coupled with Tasmania, which is considered one of the better performing economies.”
No.27 South Arm Rd, Rokeby.
No.27 South Arm Rd, Rokeby.
No.27 South Arm Rd, Rokeby is also home to Taste of Kebabs, Just Dogs Grooming, and Native Body Bar.
Annual rent increases are 3.5 per cent, while the net lease terms see tenants responsible for all outgoings, including land tax.
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Devine Property commercial property representative George Wilkinson said the longstanding tenure of tenants in this complex provides investors with good stable income and consistent cash flow.
“It also spreads investor risks when you have multiple income streams,” he said.
“Having Domino’s, Australia’s largest and most dominant pizza chain, as an anchor tenant adds a significant drawcard to the property.
“Domino’s presence drives foot traffic and certainly enhances the visibility and desirability of this retail complex, benefiting all tenants and ensuring long-term occupancy within.”
No.27 South Arm Rd, Rokeby.
No.27 South Arm Rd, Rokeby.
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Mr Wilkinson said the tenants are on a range of leases, from three years to 10-year terms.
“Domino’s has a lease of 10 years, until 2030 plus options to 2045,” he said.
In recent years, Tasmanian assets have been star performers at the Burgess Rawson Portfolio Auctions.
Mr Wright said investors recognise what makes Tasmania special.
“Mainland-based investors see Tasmania as a ‘safe haven’ for investment,” he said.
The auction will be held on March 27 in Melbourne. Contact Devine Property or Burgess Rawson for details.
