Club Lime, 74-82 Maroondah Highway, Ringwood North
A heavyweight investment with an ASX-listed tenant has sold under the hammer for $5.9 million at fiercely contested auction.
Fitzroys’ Ben Liu and Chris James, in conjunction with Gross Waddell ICR’s Glenn Ye and Danny Clark, sold Club Lime, 74-82 Maroondah Highway, Ringwood, on behalf of a private owner.
Four bidders competed for the 1,288sqm open-plan showroom with a 45m frontage, with a local investor outmuscling competition from around Melbourne and Australia.
ASX-listed Viva Leisure – Australia’s second-largest fitness network, with strong future growth prospects – occupies the property, trading as Club Lime, with a new, secure triple net 10+5+5-year lease.
The sale price reflected a tight 5.7% yield for a strata investment.
“The campaign generated more than 100 enquiries which culminated in a heated auction. The result demonstrates the depth in the market of investors seeking stable and secure returns from well-leased, well-located real estate assets,” Liu said.
“This blue-chip asset offered a secure, landlord-favourable lease structure to an ASX-listed tenant with great future prospects, in a high-exposure, high-growth location.”
James said the property is excellently positioned in the Ringwood Activity Centre, amongst other major large-format retail tenants including Supercheap Auto, PetBarn, Bunnings Warehouse, and Costco, and is also in close proximity to Eastland Shopping Centre, Coles Supermarket, Aldi and busy Ringwood Train Station.
The high-exposure location has over 40,000 vehicles passing on Maroondah Highway each day.
“Investors noted that the high-performing tenant serves an established, affluent catchment and stands to further benefit from Ringwood’s population being forecast to surge by 39% by 20461,” Ye said.
1 https://forecast.id.com.au/maroondah/about-forecast-areas?WebID=170
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