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- Release Date: 09/12/13 13:28
- Summary: ASSET: AUG: Purchase of 18 Hibiscus Coast Highway
- Price Sensitive: No
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AUG
09/12/2013 11:28
ASSET
REL: 1128 HRS Augusta Capital Limited
ASSET: AUG: Purchase of 18 Hibiscus Coast Highway
PURCHASE OF LOTS 1 & 2, 18 HIBISCUS COAST HIGHWAY, SILVERDALE
The company advises that is has entered into an unconditional agreement to
purchase a 100% interest in the freehold land and buildings of Lots 1 & 2, 18
Hibiscus Coast Highway, Silverdale for a total purchase price of $22.35
million.
Lot 1 comprises a new Bunnings Hardware store located on the corner of the
Hibiscus Coast Highway and Brian Smith Drive in Silverdale. Completed in mid
2013, the property is a recent design build by Bunnings Limited, providing a
total lettable area of circa 12,000 square metres, including a main trading
floor of 8,370 square metres with a drive-through warehouse component,
together with a partly covered gardening centre of circa 1,835 square metres
and a timber yard and covered delivery area of circa 1,290 square metres.
The property is subject to a new 12 year lease to Bunnings Limited with
rights of renewal out to 2030. The lease provides for fixed annual 3.0%
rental increases. The purchase price for Lot 1 of $20.85 million represents a
cap rate of 7.34%.
Lot 2 comprises a 7,757 square metre development site situated directly
adjacent to Lot 1. The site is effectively anchored by the Bunnings Warehouse
and Pak n Save Silverdale and is expected to have strong development
potential. Augusta is currently in discussions with potential tenants for
development of Lot 2 on a design-build basis. The purchase price for Lot 2 is
$1.50 million.
These acquisitions give Augusta various options, ranging from syndication of
the whole property on completion of the development, to syndication of each
lot separately. These plans have not been finalised and will depend on
various factors including the timing of the development of Lot 2.
Settlement of the acquisition is scheduled for 14 February 2014 through the
company's wholly owned subsidiary Augusta Funds Management Limited. The
acquisition will be debt funded.
-ENDS-
For further information please contact:
Christopher Francis
Director
Augusta Funds Management Limited
T (09) 300 6161
F (09) 300 6162
E [email protected]
End CA:00244896 For:AUG Type:ASSET Time:2013-12-09 11:28:24
