A PRIVATE investor from Sydney has snapped up a secure investment as one of the country’s most highly valued ASX-listed lease covenants sold for $2,025,000 at 19 Welwyn Avenue in Manning, Western Australia, prior to the auction.
The asset, which came with a 201.6sq m* building size, was leased to Woolworths (operating as BWS) on a five-year lease with five options of five years each.
The property was marketed and sold prior to the auction by Ray White Commercial (WA) Property Advisor Brett Wilkins.
“The auction campaign generated 45 enquiries and we received six offers for the property. The sale represented a yield of 5.67 per cent,” Mr Wilkins said.
“This was the perfect opportunity for investors seeking the security of a Woolworths lease to buy into a pretty neighbourhood strip centre.
“In an established suburb within the municipality of the City of South Perth, Welwyn Avenue has attracted multiple high-profile tenants including Woolworths Group Limited, Australia Post and IGA.
“Manning is in an enviable position close to Curtin University and is just 7km* from the CBD – while still being removed to enjoy the benefits of suburban life.
“Manning is seriously under-supplied with retail and the asset is on Welwyn Avenue, a major road connecting to Manning Road, giving easy access from north, south and west, which will help to attract a great deal of exposure.”
*Approximately.
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