97-99 Raglan StreetPreston VIC 3072
Property Details for 97-99 Raglan St, Preston
Last Listing description (October 2023)
Burgess Rawson is pleased to offer to the market the Soak City Car Wash, Preston VIC for sale via private treaty.
The property has the following key investment highlights:
+ Long 10 year net lease to 2032 plus options to 2052 to Soak City.
+ Soak City: Subsidiary of Mulpha International Berhad, new brand with 5 locations and growing.
+ Tenant responsible for all usual outgoings as per the lease.
+ Fixed compounding 3% annual rent increases.
+ Prominent 1,412 sqm* freehold corner site.
+ Corner position combined with significant underlying land value provides excellent scope for future development (STCA).
+ Busy car wash with recent $1M upgrade incorporating 2 automatic & 3 self-wash bays plus dogwash.
+ Strategic 'tenant choice' location with excellent exposure to 32,000 passing cars daily^ and access to major arterials such as Albert Street, Bell Street, High Street, and Grange Road.
+ Preston: metro suburb, 8km north of Melbourne CBD with median price of $1,120,000^^ and population forecast to grow 66.8% by 2041. ^^^
+ Net income: $180,000 pa* + GST.
*approx.
^GapMaps
^^***
^^^Forecast.id
Property History for 97-99 Raglan St, Preston, VIC 3072
- 03 Jun 2024Sold for $3,500,000
- 21 Aug 2023Listed for Sale Price on Request
- 08 Dec 2021Sold for $2,325,000
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About Preston 3072
The size of Preston is approximately 11.5 square kilometres. It has 30 parks covering nearly 4.7% of total area. The population of Preston in 2011 was 29,925 people. By 2016 the population was 32,865 showing a population growth of 9.8% in the area during that time. The predominant age group in Preston is 30-39 years. Households in Preston are primarily couples with children and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Preston work in a professional occupation. In 2011, 60.2% of the homes in Preston were owner-occupied compared with 56.7% in 2016.
Preston has 20,868 properties. Over the last 5 years, Houses in Preston have seen a 16.39% increase in median value, while Units have seen a 15.51% increase. As at 31 October 2024:
- The median value for Houses in Preston is $1,128,822 while the median value for Units is $619,019.
- Houses have a median rent of $600 while Units have a median rent of $520.
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