cairns qld lot 21, cairns central plaza 58-62 …...introduction burgess rawson are delighted to...
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Sales
Leasing
Valuations
Management
Cairns QLD Lot 21, Cairns Central Plaza 58-62 McLeod Street (Cnr Aplin Street)
Information Memorandum
Auction 11am AEDT Tuesday 11 September 2018 Doltone House Hyde Park, 181 Elizabeth Street, Sydney
Table of Contents
Introduction 4
Investment Features 6
Location 10
Property Details 12
Lease Details 14
Outgoings 14
Tenant Profile 15
Method of Sale 16
Interstate Bidding 16
Terms of Sale 16
Contact 16
Property Management 17
Disclaimer 18
GST Disclaimer 18
Appendices Annexure A Title Documents Annexure B Floor Layout Plan Annexure C Lease Schedule & Premises Plan Annexure D Sub-Lease schedule & Shared area plan Annexure E Sub-Leases Property
Aplin
Stre
et
Abbott Street
Esplanade
Burgess Rawson 32 Information Memorandum - 58-62 McLeod Street, Cairns
Introduction
Burgess Rawson are delighted to offer for sale The Cairns Fertility Centre and Central Day Hospital at Level 4, Cairns Central Plaza, 58-62 McLeod Street, Cairns Queensland. This property will be offered for sale by way of auction on Tuesday 11 September, 11am AEDT at the Doltone House Hyde Park, 181 Elizabeth Street, Sydney.
Burgess Rawson
Since being established in 1975, our Sales, Leasing, Property Management, Valuation and Advisory services fulfil the complete and ongoing needs of our clients. Burgess Rawson has a network of offices throughout Australia and extensive regional partnerships with local property specialists, giving unmatched depth and reach in all commercial property market sectors.
At every stage of ownership, our clients benefit from our specialist knowledge, experience, market insights and advice. Our strong market position, plus our targeted and effective marketing campaigns through a highly qualified database, generates maximum exposure for properties.
Burgess Rawson’s iconic Portfolio Auctions are held in Melbourne and Sydney bringing together a diverse range of national commercial and investment grade properties.
Our renowned auction program, together with a large pool of eager, qualified investors continues to generate premium results. With eight, two day Investment Portfolio Auction events held each year, Burgess Rawson are the leaders in the selling of quality property investments.
Based on our knowledge and experience, Burgess Rawson are confident in recommending the property as an outstanding investment opportunity.
Burgess Rawson 54 Information Memorandum - 58-62 McLeod Street, Cairns
Investment Features
• High yielding whole floor CBD investment in Cairns Central Plaza
• 10 year lease from February 2015 plus two 5 year options to 2035
• Modern medical accommodation including two operating theatres
• Net lettable area of 950 sqm plus 15 exclusive use car spaces
• High likelihood of long tenure with tenant’s extensive investment in fit-out and specialist medical equipment
• One of Australia’s fastest growing regions with circa 150,000 population
• Established fertility clinic operating since 2009
• Opposite Cairns Central Shopping Centre with 180 stores, largest centre in NQ
• Cairns: medical hub of North Queensland
• Tenant pays all usual outgoings (incl. Land Tax), as per lease
• Next rent review in February 2019
• Circa 8.5% net yield anticipated
• Net Income: $541,600 pa + GST
Pat Kelly 0412 244 456 pkelly@burgessrawson.com.au
Simon Staddon 0413 640 851 sstraddon@burgessrawson.com.au
LocationLevel 4 58-62 McLeod Street, Cairns QLD
Lettable Area950 sqm
ZoningCity Centre (2060)
Lease DetailsTen (10) Year Lease plus Two (2) Year Options from February 2015
Net Income$541,600 pa + GST
Method of SaleAuction 11am Tuesday 11 September 2018 Doltone House Hyde Park, 181 Elizabeth Street, Sydney
Burgess Rawson 76 Information Memorandum - 58-62 McLeod Street, Cairns
The Cairns Fertility Centre & Central Day Hospital occupy the entire Level 4 of the Cairns Central Plaza Development. The location allows easy access and parking being opposite the largest shopping centre in North Queensland.”
Pat Kelly Director/Principal
Burgess Rawson 98 Information Memorandum - 58-62 McLeod Street, Cairns
Location
The second largest city in Northern Queensland, Cairns is a vibrant tropical city and is strategically located as a world-class tourism and commercial hub. The Cairns region is located on the doorstep of emerging Asia, is one of the most developed cities in the tropics and is well connected with the rest of Queensland and Australia.
The Region
As of 2016, the Cairns region was home to an estimated 285,000 people and is expected to gain a further 100,000 residents over the next 20 years.
With easy access through Cairns International Airport, the multi-use Cairns seaport and road and rail links to major Australian cities, the region offers unmatched connectivity in Northern Australia.
Direct connections to major Australian capital cities and international services to China, Singapore, Japan, New Zealand, Hong Kong, Bali and Papua New Guinea open the door to lucrative commercial opportunities and provide a competitive advantage to capitalise on the rapidly-expanding Asian economies and China’s burgeoning tourism market.
Cairns proximity to Asia-Pacific markets creates exciting opportunities for tourism development, investment, trade and business.
As the international gateway to two of the world’s great natural
wonders – the Great Barrier Reef and World Heritage Listed Wet Tropics Rainforest – Cairns is renowned worldwide as a premier tourist destination. With more than 5,400 direct international flights annually, visitors to the region average 50,000 people per night.
The introduction of new direct flights by China Southern Airlines and Hainan Airlines in December 2017 further expands the opportunities for Chinese visitors to fly directly from mainland China to Cairns and experience its tropical paradise.
Significant planned investment in the tourism industry including new accommodation and large scale refurbishments and upgrades to regional infrastructure such as Cairns International Airport and Cairns Port are also expected. There is $8 billion of confirmed major projects in the pipeline.
Cairns Gross Regional Product is estimated at $8.41 billion which represents 2.7% of the States GSP. The largest industry is Health Care and Social Assitance.
Port Douglas
Cairns
Rockhampton
Gladstone
Noosa
Brisbane
Bundaberg
Hamilton Island
Mackay
Townsville
Burgess Rawson 1110 Information Memorandum - 58-62 McLeod Street, Cairns
Property Description
A strata title whole floor unit set within a development known as Cairns Central Plaza. This overall complex, built-in 2008 is a 13 storey mixed used development, occupies the north-eastern corner of the Aplin and McLeod Street intersection, set within the Cairns CBD.
Cairns Central Plaza presents a mix of retail and commercial accommodation to the four storey podium which includes secure car parking. The ground floor also encompasses a common entry foyer with formal reception which services the 46 apartments set to Levels 5 to 12. The building format presents a central core with dual lift banks servicing every level, fire stairs and service cabinets aswell as separate male and female amenities and tea room facilities to the podium levels.
The subject property encompasses the entire floor plate of the fourth floor presenting a Net Lettable Area (NLA) of 950 square metres and is leased to the Cairns Fertility Centre. The accommodation presently includes a formal reception with various administration offices and boardrooms, seven medical consult rooms serviced by a smaller patient admission area which includes patient change facilities and recovery ward and discharge lounge. The balance of the accommodation includes a number of
laboratories and specialised work areas with staffroom, storage and separate male and female amenities. The fitout is highly specified for the current medical use. A schedule of equipment is attached as Appendix E.
The centre offers a wide range of advanced fertility treatments in a private setting and provides treatments following comprehensive preliminary testing.
The Cairns Central Day Hospital is located within the Cairns Fertility Centre. The CCDH is licensed and is an accredited facility with two Operating Theatres with state of the art technology. CCDH undertakes Fertility-related procedures, Gynecology, Plastic & Reconstruction surgery as well as general surgery. Several interstate & local surgeons operate on a regular basis at CCDH.
Body Corporate
The unit entitlement for Lot 21 is 26.71% and therefore the Body Corporate Rules cannot be changed without the owner’s agreement. This includes clause 16 which gives Lot 21 exclusive use as a Fertility Clinic and Medical day surgery facility.
Address: Lvel 4, Cairns Central Plaza 58-62 McLeod Street (Cnr Aplin Street)
Title Details: Lot 21 on SP213529
Zoning: City Centre
Local Authority: Cairns Regional Council
Property Details Head Lease DetailsLessee: Cairns Fertility Centre Pty Ltd (ACN 124 220 293)
Lettable Area: 950 sqm plus 15 exclusive car spaces, balcony and 3 (three) storage units
Lease Term: 10 (Ten) Years commenced 22 February 2015
Lease Expiry: 21st February 2025
Options: 2 (Two) x 5 (Five) Year options to 2035
Annual Reviews: Annual CPI increases
Market Reviews: Commencement of year 5 (Five) and option periods with ratchet clause provisions
Outgoings: All paid by lessee incl. council rates, water rates, land tax (single holding) insurance and strata levies
Guarantee: 3 (Three) months rent plus GST
Permitted Use: Clinic, medical day surgery facility
Net Rent: $541,600 per annum + GST
Please note that the above information is intended as a summary of the lease agreement supplied and has been represented as accurately as possible. We recommend prospective purchasers make their own enquiries to gain a thorough understanding of the provisions of the lease contained within in the Sale Contract.
Sub-Lease DetailsLessee: Far North Day Hospital Pty Ltd (ACN 621 691 941)
Lettable Area: 597 sqm - Being that part of the fourth floor on the land shown as lease B, E & F (484sqm) plus 50% of lease C being 113sqm (refer Appendix D)
Lease Term: Six (6) Years, Six (6) Months and Twenty-Two (22) Days Commenced 30th July 2018
Lease Expiry: 20th February 2025
Options: 2 (Two) x 5 (Five) Year options
Rent Reviews: Annual CPI increases
Outgoings: 66.66% of total outgoings as paid by sub-lessee
Net Rent: $208,950 per annum + GST
Burgess Rawson 1312 Information Memorandum - 58-62 McLeod Street, Cairns
Please note that the above information is intended as a summary of the lease agreement supplied and has been represented as accurately as possible. We recommend prospective purchasers make their own enquiries to gain a thorough understanding of the provisions of the lease contained within in the Sale Contract.
Tenant Profile
Cairns Fertility Centre (CFC) is a world class reproductive specialist clinic located in tropical North Queensland.
CFC amalgamates the traditions and standards of PIVET Medical Centre, Western Australia’s leading fertility clinic with the latest achievements in the field worldwide.
CFC provides a wide range of gynecological services, in addition to our main focus on infertility management of female and male.
The founders of CFC are widely acknowledged in research and development of reproductive medicine, publishing in a number of prestigious journals.
Since opening, CFC has had more than 150 infants born in North Queensland from various fertility treatments.
The Cairns Central Day Hospital provides the highest level of care meeting the National Standards for Quality and Health Management, while currently providing day surgery services. The hospital is Licensed by the Queensland Department of Health as a Private Day Hospital Facility. The Hospital is currently used by ten surgeons.
Burgess Rawson 1514 Information Memorandum - 58-62 McLeod Street, Cairns
Sale Process Property Management
Burgess Rawson is not only a market leader in investment sales; we are also regarded as highly professional property managers. With an Australia-wide management portfolio of well in excess of $2billion, we are able to equally manage property whether it is CBD, metropolitan or regionally located.
• More than Rental Collection - care for your property and investment. Professional property management enhances and secures your tenant relationship, provides property accounting (including tax invoicing/GST/BAS) reports and maximises rental.
• Achieve $ savings - through our buying power and access to the best providers: insurance brokers, maintenance contractors etc. We have the contacts and long standing relationships to be at your disposal.
• Improve your cash flow - Apart from ensuring regular rental increases are enacted to maximum sustainable levels, a professional property manager reviews council rating values, as well as accessing the best taxation depreciation assessment to improve your after income tax bottom line. We aim to add more to your overall capital value.
• Not missing a beat - With our daily contact in the market, we hear about new developments, tenants on the move etc. Whether this information helps protect your investment or leads to further opportunities, we have our ears to the ground.
• Problem solvers - Owning property has never been more complicated, and highly regulated. We are fully conversant with the Retail Tenancies Act, Town Planning and Occupational Health and Safety Regulations. We can anticipate and prevent problems.
• Experience and involvement - Our professional property managers offer a wide range of expertise. Time in the profession, and continuous improvement and involvement in
the property sector is an intellectual pursuit. We can provide a pool of such experience to individual clients in a way we believe self-managed property owners cannot.
• Value for money - free yourself up to concentrate on the returns of your investments, rather than the daily issues which can arise from your property. The small cost involved in professional management is money well spent. We have the resources to service your needs.
To discuss your particular property management’s needs, please contact either your Burgess Rawson selling agent or Katie Goodall today.
Katie Goodall Director - Asset Management 0498 498 188 kgoodall@burgessrawson.com.au
InspectionsInspections can be arranged by prior appointment.
Terms of SaleThe contract will be on the basis of:
• 10% deposit to be paid on exchange of contracts
• Settlement time frames are at the discretion of the vendor
Interstate BiddingBy prior arrangement interstate bidding is available at Burgess Rawson’s interstate offices.
Contracts and LeasesContract for Sale and Lease are available for the property.
Purchasing EntityIf you are buying in a Company, Trust structure or for your Self-Managed Super Fund, please discuss and resolve the name and structure with your solicitor or accountant. This is to ensure you sign the contract in the name of the correct purchasing entity. If successful at the auction you will be required to sign the contract on the day of auction, you may also need to supply the auctioneer with an authority from the Purchasing Entity authorising you to sign the contract on the day of auction.
Method of Sale
For sale by way of Auction 11am Tuesday 11 September 2018
Doltone House Hyde Park, 181 Elizabeth Street, Sydney
Burgess Rawson Brisbane Level 24, 324 Queen Street BRISBANE QLD 4001
Pat Kelly 0412 244 456 pkelly@burgessrawson.com.au
Burgess Rawson Sydney Level 18, 15 Castlereagh Street SYDNEY NSW 2000
Simon Staddon 0413 640 851 sstaddon@burgessrawson.com.au
Burgess Rawson 1716 Information Memorandum - 58-62 McLeod Street, Cairns
DisclaimerThe information contained in the report/information memorandum has been prepared in good faith and due care by the Vendor, Burgess Rawson. Any projections contained in the report therefore, represent best estimates only and may be based on assumptions.
The information contained herein is supplied without any representation as to its truth or accuracy. All interested parties should make their own enquiries to satisfy themselves in all aspects and obtain their own independent advice in order to verify any of the information. All stated dimensions and areas are approximate.
The vendor does not represent or warrant the accuracy of any information contained in this document. Subject to any statutory limitation on its ability to do so, the vendor disclaims all liability under any cause of action, including negligence, for any loss arising from reliance on this document.
Specifically, we make the following disclosures:
• All areas, measurements, boundaries, car space numbers, rents are approximate only and subject to final confirmation;
• The indicative depreciation schedule has been provided by Napier & Blakeley and is an estimate only and cannot be used for tax purposes.
The information contained in this document is provided as a guide and an aid to further investigation by potential purchasers. Prospective purchasers should seek legal, financial and other appropriate expert advice in order the verify the accuracy of the information presented in this document
GST Disclaimer
Burgess Rawson advises that the financial information in this report relating to income, outgoings and the like is provided without reference to the possible impact of GST, if any. Purchasers should make their own assessment of the impact of GST on the investments and the returns derived there from after obtaining expert professional advice.
Retail Leases Act 2003 – Tenant outgoings
Prospective buyers should note that the recovery of outgoings from a tenant is subject to the application of and proper compliance with the Retail Leases Act 2003 (Vic). The Act applies to leases of retail premises in Victoria. If the Act applies, certain outgoings, such as land tax and some maintenance costs, cannot be recovered from the tenant. If the Act applies, other outgoings, such as management fees, can only be recovered from the tenant if the Act has been complied with.
18 Information Memorandum - 58-62 McLeod Street, Cairns
Annexure A - Title Document
Annexure B - Floor Layout Plan
Annexure C - Lease Schedule & Premises Plan
QUEENSLAND TITLES REGISTRY Land Tille Act 1994, Land Act 1994 and Water Act 2000
LEASE/SUB LEASE FORM 7 Version 6 Page 1 of 28
I Dealing Number
II II I 11 11 I OFFICE USE ONL vPrivacy Statement Collection of information from lhis form is aulhorised by legislation and is used to maintain publicly searchable records For more informalion see lhe Department's website.
1. Lessor Lodger (Name, address, E-mail & phone number) CAIRNS FERTILITY CENTRE PTY LTD A.C.N 124 220 293
2. Lot on Plan Description LOT 21 ON SP 213629
Title Reference 50768488
Lodger Code
3. Lessee Given names Surname/Company name and number (include tenancy If more than one)
4. Interest being leasedFEE SIMPLE
5. Description of premises being leased
FAR NORTH DAY HOSPITAL PTY L TO A.C.N 621 691 941
LEASE B, LEASE E AND LEASE F BEING PART OF THE FOURTH FLOOR OF A BUILDING SITUATED ON THE LAND IDENTIFIED IN ITEM 2 AND AS SHOWN ON THE PLAN IN ANNEXURE A.
6. Term of Lease Commencement date/event: Expiry date: 20/02/2025 Options: 2 x 5 Years
8. Grant/Execution
7. Rental/ConsiderationSEE ATTACHED SCHEDULED
The Lessor leases the premises described in item 5 to the Lessee for the term staled in item 6 subject to the covenants and c onditions contained in:- the attached schedule;
Witnessing officer must be aware of his/her obllgatlons under section 162 of the Land Title Act 1994
WITNESS NOT REQUIRED
Witnessing Officer (Witnessing officer must be in accordance wilh Schedule 1 of Land TIiie Act 1994 eg Legal Practitioner. JP. C Dec)
9. Acceptance
�.
CAIRNS FERTILITY CENTRE PTY LTD
d A.C.N 124 220 293
;::::: • �
�
-�·-· ..... �
..................... DIRECTOR
.................................. DIRECTOR/SECRETARY ./
Execution Date · Lessor's Signature
The lessee accepts the lease and acknowledges the amount payable or o ther c
WITNESS NOT REQUIRED
Witnessing Officer (Witnessing officer must be in accordance wilh Schedule 1 of Land TIiie Act 1994 eg Legal PracUtloner, JP, C Dec)
L Doc ID 560959563M
22 Information Memorandum - 58-62 McLeod Street, Cairns
I 2. ,£, \'( .
I .................. ....................... DIRECTOR/SECRETARY
Execution Date Lessee's Signature
J 017-8276-7031/1 IAUSTRALIA
Annexure D - Sub-Lease Schedule and Shared Areas plan
QUEENSLAND TITLES REGISTRY
Land Title Act 1994, Land Act 1994 and Water Act 2000
SCHEDULE Form 20 Version 2
Page 25 of 28
Title Reference 50768488
Annexure C - Sub-Lessor's Property
Clinical Equipment
Ambu Catheter
Unisonic Machine
Steriliser Melag 1
Steriliser Melag 1
- eriliser Melag 2
Steriliser Melag 2
Probe - Gamma
Probe Surgical Power unit
Difficult Intubation Trolley,
wheeled, 6 drawer trolley
Paediatric Anaesthetic Trolley,
wheeled, 6 drawer trolley
AIRTRAQ Guided Video Intubation
Wifi Camera
Nurse Call Console
Acute Recovery Room Trolley,
wheeled, 6 drawer trolley
l)efibrillator-basic
ECG
Monitor - Patient
Monitor - Patient
Monitor - Patient
Monitor - Patient
Resuscitation Trolley, wheeled
Alpha Pendant
Anaesthesia Monitor
Anaesthesia Parameter Monitor
Anaesthetic Machine
L Doc ID 560959563/v1
Quantity Type/Model
1 Unk
1 ST40MH
1 Cliniclav 25
1 Cliniclav 25 Printer
1 Cliniclav 25 Printer
1 Cliniclav 25
1 Gammasonic
1 Gammasonic
1 Armstrong Medical
1 Armstrong Medical
1 Code A-360
1 Console MC4110/ETH
1 Armstrong Medical
1 R Series Plus
1 CP200
1 Dash 2500
1 Dash 2500
1 GE B20
1 GE B20 CO2 module
1 Lifeline
1 Maquet
1 S/5AM
1 Datax Ohmeda Hemodyn
1 GE Aespire 7100
Purchase
Agent
Unk
Unisonics
Melag
Melag
Melag
Melag
Gammasonic
Gammasonic
Unk
Unk
TELFEX
SES Security
Unk
ZOLL
Welch Allyn
Serial No.
Unk
113
0925-C1026
0925-C1026
0925-C1034
0925-C1034
173
PC250909
N/A
N/A
G 02404
9307724
AF09D007571
20008182
GE Healthcare SC09369809WA
GE Healthcare SCG09369807WA
GE Healthcare SGF16391336WA
GE Healthcare 8511793
Unk
MAQUET Ph: AR010001
GE Healthcare 6547392
Datax
Oh med a 6546370
GE AMX09350454WA
Location
Anaesthetic Storage
CSSD
CSSD Sterile Area
CSSD Sterile Area
CSSD Sterile Area
CSSD Sterile Area
DON Office
DON Office
Pre-Op Holding Bay
Pre-Op Holding Bay
Recovery Desk Area
Recovery Desk Area
Recovery Stage 1
Recovery Stage 1
Recovery Stage 1
Recovery Stage 1
Recovery Stage 1
Recovery Stage 1
Recovery Stage 1
Recovery Stage 2
Theatre 1
Theatre 1
Theatre 1
Theatre 1
J 017-8275-7031/1/AUSTRALIA
Annexure E - Sub-Leases Property
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