SOLD
Sold on 04 Dec 2023 for $850,000

2/3 Friend Street
Stony Rise TAS 7310

Bedrooms: -
Bathrooms: -
Car spaces: -
Floor area: 70m2
Land area: 157m2
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Property Details for 2/3 Friend St, Stony Rise

Building Type
Commercial
Year Built
2012
Floor Size
70m2
Land Size
157m2
Local Government
Devonport
Lot/Plan
3/165883

Last Listing description (March 2024)

Halliwell Property Agents are excited to present this highly-prized commercial investment opportunity to the market, occupied by the world's largest sandwich chain in Subway, with over 42,000 outlets across the globe!

As tenant, Subway have occupied the site in Devonport's booming Homemaker Centre since the sites inception, and they remain one of the original tenancies, along with the neighbouring BP, McDonalds, Harvey Norman and others.

Alongside the aforementioned occupants of the Homemaker Centre, the site also boasts occupants including Bunnings, Supercheap Auto, Autobarn, BCF, Anaconda, KFC and Beacon Lighting, with the next stage being a Woolworths Complex with associated operators, currently in planning and expected to commence construction 2024 (STCA). This ensures the continued success and even further increased demand for recognisable brands such as Subway in the Centre long into the future.

With nearly the entirety of a fresh 10 year lease renewal in place from March 2022, this is a very rare chance to 'set and forget', with a multi-national tenant who maintains their own equipment on site, pays standard statutory outgoings in addition to rent, and meticulously maintains the cleanliness of the leased area. Further, the lease has provision for 2 further 10-year Option terms.

The property is part of a 3 lot Strata, with those costs payable by the lot owner as standard and available to potential purchasers, with those calculated as part of the net return advertised, and include costs inclusive of common area cleaning and maintenance, building insurance etc as standard.

The lot is allocated several parking spaces in the forecourt frontage.

This is an exciting opportunity owing to the significance of the tenant/brand, the tenure of the tenant, the highly desirable length of the renewed lease term and the price for which such an asset can be secured by serious investors.

At a very attractive $899,000 listing price, a net return of just under 4.9% is on offer, with compounding fixed 4% annual increases through the balance of the lease. This is above the standard ROI for an asset/tenant/lease length combination of this type anywhere in Australia. GST is not expected to apply.

Interested parties should contact Colin Rowlands of Halliwell Property Agents for further information.

Property History for 2/3 Friend St, Stony Rise, TAS 7310

A timeline of how this property has performed in the market
Last Sold
$850,000
04 Dec 2023
  • 04 Dec 2023
    Sold for $850,000
  • 29 Oct 2023
    Listed for Sale $899,000
  • 12 Jul 2022
    Listed for Sale Offers over $950,000
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About Stony Rise 7310

The size of Stony Rise is approximately 3.1 square kilometres. It has 2 parks covering nearly 34.4% of total area. The population of Stony Rise in 2011 was 796 people. By 2016 the population was 648 showing a population decline of 18.6% in the area during that time. The predominant age group in Stony Rise is 40-49 years. Households in Stony Rise are primarily couples with children and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Stony Rise work in a professional occupation. In 2011, 85.9% of the homes in Stony Rise were owner-occupied compared with 80.2% in 2016.

Stony Rise has 444 properties. Over the last 5 years, Houses in Stony Rise have seen a 58.20% increase in median value, while Units have seen a 52.94% increase. As at 31 October 2024:

  • The median value for Houses in Stony Rise is $610,751 while the median value for Units is $508,419.
  • Houses have a median rent of $328.
There are currently 8 properties listed for sale, and no properties listed for rent in Stony rise on OnTheHouse. According to CoreLogic's data, 22 properties were sold in the past 12 months in Stony rise.

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Contact agent
Colin Rowlands
Show contact details
HALLIWELL PROPERTY AGENTS
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Disclaimer
Whilst all reasonable effort is made to ensure the information in this publication is current, CoreLogic does not warrant the accuracy or completeness of the data and information contained in this publication and to the full extent not prohibited by law excludes all for any loss or damage arising in connection with the data and information contained in this publication.