19-21 Edgar Street in Ainslie will be auctioned on Tuesday 28 June. This is the first commercial property to be sold on-market in the suburb of Ainslie for more than a decade.
Matthew Winter, Investment Services Executive at Colliers International said it is rare for commercial units to be sold in Inner North neighbourhood local centres, particularly where an opportunity exists to acquire a free-standing building.
“Commercial units at local shops are tightly held and rarely come onto the market. This is because owners recognise the excellent investment attributes and long-term upside.
“The demand for standalone buildings in local centres was recently demonstrated by the strong interest and premium sale prices achieved for the ACTtab portfolio of properties in December last year.
Matthew Winter said they have already received a lot of interest in the Ainslie property from local investors, owner-occupiers and developers.
“Recent residential projects such as Arte, C5, IQ and Malabar has led to a surge in immediate and forecast population growth in the Inner North and this has had a positive impact on commercial property prices.
“The appeal to own commercial property in these rapidly growing and gentrifying suburbs continues to swell and with a number of new residential projects due in 2016 and 2017, we expect strong future demand for assets in these areas,” said Matthew.
19-21 Edgar Street is a single level strata building completed in 1990. The property sits on a prominent corner site of 592sq m. It comprises three adjoining medical units with a combined Net Lettable Area of 219sq m and is being offered for sale in one line. It has on-grade parking at the rear of the building for eight vehicles.
The units are fully leased to ASX listed Healthscope Medical Centres Pty Ltd, operating as Ainslie Family Practice on a five year lease, expiring in January 2020 with two further options.
The property is zoned CZ4: Local Centre. Subject to further investigation and planning approval, the purchaser could consider alternative long-term uses for the site including residential.
“19-21 Edgar Street represents a superb passive investment and it is an exceptional opportunity to acquire an entire building within a tightly held suburb,” said Matthew.