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Overview
High Growth Retail Asset | Future Rental Upside
This commercial retail property at 2 Viridian Drive, Banksia Grove, Western Australia, presents a high-growth investment opportunity with future rental upside. Located on a substantial corner allotment in the heart of Banksia Grove, this well-established retail complex benefits from excellent exposure and convenient access from Viridian Drive.
The property offers a total land area of approximately 1,160 square meters and a lettable floor area of about 344.41 square meters. It comprises multiple retail tenancies, including a convenience store, a Chinese takeaway, a barber shop, and an Australia Post parcel lockers/shed, each with long-term leases in place, providing a diversified income profile supported by strong underlying rental growth potential.
Current tenants and lease details include:
- Convenience Store: Approximate area of 188 square meters, generating $30,000 plus outgoings and GST annually. The lease includes a 5% rental increase scheduled for December 2027 and expires on 30 November 2028. The current rental level is considered below market, offering potential for significant rental growth upon renewal or reletting.
- Chinese Takeaway: Approximately 64.1 square meters, with a lease generating $18,000 plus outgoings and GST annually. The lease includes fixed annual rental growth and a further five-year option extending through to October 2032.
- Barber Shop: Approximately 47.31 square meters, generating $18,000 plus outgoings and GST annually.
- Australia Post Parcel Lockers / Shed: Approximately 45 square meters, generating $14,160 plus outgoings and GST annually. The lease expires on 31 July 2026, providing the new owner with the opportunity to secure a new tenant, occupy the space themselves, or reposition the tenancy to maximize rental returns.
The net income from the property is $80,160 plus outgoings and GST per annum.
Additional property highlights include:
- Three secure retail income streams with future rental upside potential.
- Future value-add opportunity upon expiry of the Australia Post lease.
- Green title property with no strata fees.
- Ample on-site customer parking with 18 bays, including accessible parking.
- Prominent corner location with excellent exposure.
- Established convenience-based retail centre serving a strong surrounding residential catchment.
Banksia Grove is an area experiencing strong population growth and increasing demand for neighborhood retail services, making this property an attractive investment in one of Perth's established northern growth corridors.
This property offers a compelling opportunity for investors seeking a stable income stream with potential for rental growth and value-add strategies in a thriving community.
While every effort is made to ensure the accuracy and completeness of the property information provided, no guarantee is given. Buyers should independently verify all details, inclusions, availability, pricing, and other relevant information directly with the listing agent before relying on this information.
Location
Banksia Grove WA 6031
Measurements
| Type | Dimensions |
|---|---|
| Floor Area | 344 m² |
Market Insights for Banksia Grove WA 6031
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