HAYMANS SHOWROOM ‘TICKS ALL THE BOXES’

A BUNDALL property owner will seek to capitalise on the strong market for incomeproducing assets when a new showroom goes under the hammer next month.

CJ 51 Upton Street Ltd, associated with Clint Karananos, purchased the property at 51 Upton St for $2.25 million in 2017.

The dated building was home to four tenants before it was knocked down and a new showroom established to meet the requirements of next-door neighbour and leading electrical distributor Haymans Electrical, which had expressed interest in moving to new premises.

Haymans moved to the new 1050sq m building in July and has signed a seven-year lease with two seven-year options. The building returns income of about $300,000 per annum plus outgoings to the owner.

Colliers International’s Steven King, who is taking the property to auction on October 17, said the property “ticks all the boxes” for investors.

“It is newly constructed with an A-grade tenant and positioned in a prime location,” he said. “We expect competitive bidding from investors considering the quality of the building, strength of the covenant and the fact that properties of this kind rarely come to market in this area.

“Bundall is the number one precinct on the Coast for bulky, good showrooms, with all the major national tenants located in the region.”

The property was sold to CJ 51 Upton St by Keith and Lynley Scarr who had acquired it for $750,000 in 1990.