Entire Building | Re-Lease, Reposition Opportunity With Major Income Upside
Colliers is pleased to present 'The Atrium', a 3-level modern commercial building located within the vibrant Varsity Lakes CBD precinct.
Comprising of ground floor mixed-use tenancies and 2 levels of modern office space, the property offers high ceilings, an abundance of natural light and boasts 162 car parks, providing an impressive 1:23 (NLA) parking ratio.
Government leases provide 44% of 'The Atrium's' passing income via a whole floor lease to the Commonwealth's Department of Human Services (Centrelink).
With occupancy at 78% and a WALE of 2.0 years by income, 'The Atrium' will reward investors who are willing to implement a proactive leasing and management strategy to achieve significant income returns.
Located just a short stroll to Bond University and within minutes’ drive to the M1 Motorway and Varsity Train Station, this architecturally designed building is ideal for investors seeking an exceptional value-add opportunity.
Building features include:
- Current net income $896,681pa^
- Projected net income: $1,255,806pa^ (once fully leased)
- Net Lettable Area: 3,738sqm *
- 162 carparks (145 basement, 17 on-grade)
- Impressive 1:23 carpark to NLA ratio
- Footprint area: 5,141sqm *
- 2.0 years W.A.L.E. (by income) ^
- 78% occupancy ^
- Constructed in 2008
- 8 ground floor street front tenancies plus 6 upper level office tenancies
- Top floor lease to Centrelink (Commonwealth Government) since 2009
- Other key tenants include Jetts Fitness 24/7 and Gold Coast Medical Precinct
- NABERS exception as at May 2021
- Volumetric Lot 4 on SP 182409
- Nearby Bond University and a short drive to Robina and the M1
- Motivated, genuine sellers
'The Atrium', 15 Lake Street, Varsity Lakes is for sale by 'Offers To Purchase closing Thursday 10th June 2021 at 4pm.
For more information contact Colliers exclusive agents, Steven King 0417789599 or James Crawford 0423601063
^ at April 2021
* approximately
~ outlines indicative only
Remember to mention you found this property on CommercialReady.com.au
