24 Hughes Place,
Hughes, ACT 2605

This separate title property comprises a 103sqm building which sits on the front of a 171sqm block. The current tenancy configuration is service bar and kitchen at the front of the property with preparation, cool room and toilets in the rear half of the property. There is air conditioning in both areas of the property (which we understand belong to the tenant) with a loading dock at the rear.

The property was built in the 1960's, and is of brick and metal construction with concrete floor. There is ample onsite parking (owned by the government) at both the side and front of the property with some on site parking at the rear. The property is in good order, clean and well maintained.

The property sits in a CZ4 Local Centre zone under the Territory Plan. Subject to a variation of the Crown Lease, payment of any applicable change of use charge and compliance with any relevant development codes, the property could be used for a wide range of purposes (see attached schedule ) over a maximum of two levels with no specified plot ratio.

The suburb of Hughes is located in the Woden Valley, approximately 10 minutes drive south of the CBD, 15 minutes drive from the airport and just a 5 minute drive from Woden Town Centre. Hughes is centrally located to Canberra as a whole, is close to the Parliamentary Triangle, and draws from a high income aspirational demographic.

Hughes Shopping Centre is a strong inner suburban centre and includes tenants such as an IGA supermarket, Capital Chemist and Bakery along with other smaller commercial tenancies. The Centre also has a Caltex Woolworths service station adjoining.

The Hughes Takeaway has a 7 year lease which commenced on 1/11/2008 and expires on the 31/10/2015, there is no option. Once the tenant was advised that the property was going to be offered for sale, he requested a new 5 + 5 year lease. The lease provides for annual 4% fixed rent reviews, personal guarantees, a $12,000 bank guarantee and the tenant is responsible for all occupancy charges (including water) and increases in statutory outgoings over and above the base year ending 30 June 2009.

Estimated net rental $46,400 pa plus GST