Best & Less, 44 Rooke Street, Devonport, Tas 7310

Elders Commercial and Burgess Rawson are pleased to offer to market ‘Best & Less’ located at 44 Rooke Street, Devonport TAS for sale by Expressions of Interest, closing 3pm (AEST) Wednesday 2 October 2024.   

The property has the following key investment highlights:

+ Renewed Seven (7) year lease to Best & less to April 2031.
+ One (1) further 5 year option to April 2036.
+ Best & Less Group: est. 1965, leading value apparel and soft goods retailer with a network of 245* locations across Australia (Best & Less) & New Zealand (Postie) and wholly owned by private equity giant BBRC. (1)
+ Longstanding tenant with Best & Less on-site since 1994 being 30+ years. 
+ Favourable annual CPI reviews (Cap 5.00%).
+ Part two level 1,286sqm* retail building with $436k* works to be completed in 2024 (part tenant funded).
+ Irreplaceable 1,075sqm* freehold landholding within the Devonport CBD zone, servicing a trade catchment in excess of 70,000* residents. (2)
+ Position Perfect within the Rooke Street Mall, the main shopping precinct of the Devonport CBD and surrounded by leading service offerings and retailers: Telstra, Optus, Prouds, NAB Bank, ANZ, Bendigo Bank, Liv- Eat, Banjo’s Bakery, Rivers, RACT Insurance, EB Games and Reading Cinemas.
+ Conveniently located metres from the $57 million ‘living city’ waterfront precinct, Devonport’s city’s social, cultural and economic heart and home to the Spirt of Tasmania. (3)
+ Devonport - Largest North-West Coast city, Tasmania’s major and busiest shipping port and tourism link to Mainland. 70,000 people within a 35 km radius*.
+ Tasmania: Consistently leading the nation in CommSec's State of the States economic report over the past three years and is currently ranked #2 in equipment spending. (4)
+ A minimal management investment.
+ Net Income: $222,553 pa* + GST.

For Sale by Expressions of Interest
Closing 3pm (AEST) Wednesday 2 October 2024

*Approx
1 LinkedIn
2 Devonport City Council
3 Tasmania Government
4 CommSec