For sale Coogee Village - Information Memorandum - Diamond Properties
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for sale
Coogee Village
Woolworths Supermarket & 7 specialty shops
Information Memorandum
savills.com.au
Coogee Village, Coogee, NSW
Contents
Executive Summary 2
Location 3
Town Planning 5
Improvements 6
Financial Details 7
Conclusion 10
Method of Sale 11
Disclaimer 12
Appendices
1. Tenancy Schedule
2. Centre Layout
3. Strata Plan
Ben Stewart Simon Muirhead
Associate Director Divisional Director
Level 7, 50 Bridge Street Level 7, 50 Bridge Street
Sydney NSW 2000 Sydney NSW 2000
T 02 8215 8861 T 02 8215 8825
M 0414 552 850 M 0417 458 575
E bstewart@savills.com.au E smuirhead@savills.com.au
Coogee Village, Coogee, NSW Commercial in Confidence and Copyright Protected 1
Coogee Village, Coogee, NSW
Executive Summary
The Property Coogee Village
Lots 17 & 18, Strata Plan 22899
Address 184 – 196 Coogee Bay Road, Coogee, NSW.
Description Convenience based neighbourhood shopping complex anchored by a
Woolworths Supermarket, 7 specialty shops and 2 ATMs. Basement car
parking is provided for some 126 vehicles.
The centre forms part of a strata complex including a further 5 shops under
separate ownership and 15 apartments on the upper levels. The complex
occupies one of the most prominent sites in Coogee having great exposure
to Coogee Bay Road and Brook Street opposite the Commonwealth Bank of
Australia.
Location Coogee is located in the eastern suburbs of Sydney approximately 10
kilometres south east of Sydney CBD.
Net Lettable Area (Approx) Tenant Area (approx.)
Woolworths Supermarket 823sqm
Specialty Tenant (x7) 417sqm
ATMs (x2) 2sqm
Total 1,242sqm
Title Particulars The land is known as Lot 17 & 18, Strata Plan 22899.
Strata Plan Site area Approximately 2,278sqm
Estimated Net Income (Fully Leased) Approximately $991,000 per annum.
Investment Highlights Modern convenience based shopping centre.
Basement car parking for 126 vehicles on title.
Long lease to Woolworths Ltd expiring in May 2020.
Woolworths supermarket trades well above industry benchmarks.
Opportunity to refurbish and introduce national tenants.
Woolworths currently in percentage rent.
Established centre in the prestigious eastern suburbs of Sydney.
Prominent and well exposed site.
Method of Sale Interested parties should contact either Ben Stewart or Simon Muirhead to
discuss the property.
Commercial in Confidence and Copyright Protected 2
Coogee Village, Coogee, NSW
Location
Coogee is approximately 10 kilometres south east of Sydney CBD in the eastern suburbs of Sydney. The suburb of
Coogee is located on the eastern boundary of Randwick City and is bounded by the South Pacific Ocean to the east,
Clovelly to the north, Kensington to the west and Maroubra to the south.
Source – Google Maps
Coogee is known for its family friendly beach, Gordons Bay and coastal rock pools, café and restaurant culture and
coastal lifestyle all within minutes of Sydney CBD.
Coogee is a fairly high density suburb with a large proportion of residential apartment buildings (ranging from Art Deco
apartments, 1960s and 1970s walk-ups to modern apartments). Coogee attracts a large proportion of the tourists,
influencing not only the character of the beach but the commercial area also.
Commercial in Confidence and Copyright Protected 3
Coogee Village, Coogee, NSW
The commercial area of Coogee is located along Coogee Bay Road and Arden Street, which extends along the
beachfront, and contains many cafes and restaurants. The Coogee Bay Hotel is a prominent landmark on the corner of
the commercial area. Bus services operate along Coogee Bay Road, Arden Street (forming a bus interchange location)
and throughout the suburb.
Commonwealth Bank building (directly opposite Coogee Village)
The centre is more specifically located on the corner of Coogee Bay Road and Brook Street. The centre is the sole retail
centre in Coogee and only supermarket in the immediate area.
Source - NearMap
Commercial in Confidence and Copyright Protected 4
Coogee Village, Coogee, NSW
Town Planning
The centre is zoned General Business 3a –under the Randwick Local Environmental Plan 1998. The objectives of this
plan are:
a) To maintain the viability of existing business centres, and
b) to facilitate the orderly and economic development of land as business centres, for commercial, retail,
residential and community purposes by:
i) Introducing controls for the bulk and scale of buildings, and
ii) encouraging economically viable retail cores which are centrally located and in close proximity to public
transport, and
iii) improving employment opportunities, and
iv) servicing the needs of the local and regional community, and
v) encouraging the provision and use of public transport, and
vi) providing and improving pedestrian and public open space areas for shoppers and workers, and
vii) maintaining and improving the environmental and aesthetic qualities of the City of Randwick, and
c) to minimise the impact of development on adjoining and nearby residential zones, and
d) to encourage housing affordability.
Commercial in Confidence and Copyright Protected 5
Coogee Village, Coogee, NSW
Improvements
Overview The Property is a strata titled development known as Lots 17 & 18. The
Property is a single-level shopping complex accommodating a Woolworths
supermarket and 2 shops within the mall and 5 specialty shops and 2
ATMs fronting busy Coogee Bay Road. The property forms part of Coogee
Village which includes a further 5 shops and 15 apartments not included in
this sale.
Building Areas (NLA) Tenant Area (approx.)
Woolworths Supermarket 823sqm
Specialty Tenant (x7) 417sqm
ATMs (x2) 2sqm
Total 1,242sqm
Layout The centres anchor tenant Woolworths is located to the northern end of the
building with a pedestrian entrance off Coogee Bay Road to the south of
the centre. The car park is accessed via a concrete ramp and stair case.
Car Parking Basement car parking is provided for some 126 vehicles on title.
Construction Details Footings: Reinforced concrete
Floors: Reinforced concrete
External Walls: Tilt-up concrete slab panels and
concrete block
Window Frames: Aluminium
Centre Finishes Floors: Ceramic Tiles
Internal Walls: Concrete block
Plaster board and masonry
Ceilings: Plaster board & suspended grid
Commercial in Confidence and Copyright Protected 6
Coogee Village, Coogee, NSW
Financial Details
Net Income Analysis
The estimated passing net income for Coogee Village is approximately $991,000 per annum. We have provided a
summary of the net income calculation below:
Financial Summary
Annual Passing Income - Fully leased
Base Recoveries % Rent Total
Woolworths Supermarket $385,000 $35,000 $45,008 $465,008
Specialty (x7) $494,287 $7,644 $0 $501,931
ATM $20,394 $0 $0 $20,394
Car Park Income $141,124 $69,426 $0 $210,550
Vacant (ATM) $0 $0 $0 $15,000
Sub Total $1,040,805 $112,070 $45,008
Estimated Gross Passing Income $1,212,883
Less
Budgeted Outgoings (June 2011)
Statutory Expenses $55,632
Strata Levies $166,036
Total Outgoings $221,668
Estimated Net Passing Income $991,215
Commercial in Confidence and Copyright Protected 7
Coogee Village, Coogee, NSW
Major Tenancy Details
Lessee Woolworths Limited
Use Supermarket
Commencement 1 June 2005
Term 15 years
Expiry Date 31 May 2020
Options 2 x 5 years
Rental $385,000 per annum
Percentage Rental 2.5% of turnover from $15,400,000 up to and including $20,000,000.
2.00% of turnover in excess of $20,000,000.
Less the difference between current base rent and the base rent as at the commencement
date ($385,000) and the exclusive area outgoings payable in the relevant year.
Rent Review The base rent will be reviewed every five years during the term to the average of total base
rent and percentage rent payable in the preceding two years multiplied by 80%.
Notwithstanding the above, the Base Rent payable following a review date must not be
less than the base rent payable by the tenant on the date immediately prior to that review.
Current MAT Approximately $18,600,000
Outgoings Nil.
Exclusive Area Proportion of costs directly attributable to by-laws 7 & 8 loading dock and lift hoist.
Outgoings Maximum of $35,000 increased annually by 5%.
Note: This lease summary should be read in conjunction with the actual Lease documents, which are available to bona fide purchasers upon request.
Commercial in Confidence and Copyright Protected 8Coogee Village, Coogee, NSW
Lease Expiry Profile
The table below shows the lease expiry profile of the centre over the next 10 years. Year 5 comprises the highest
expiries at 15.38%. The Woolworths lease does not expiry until May 2020.
The weighted average lease expiry (by income) is 5.58 years.
Lease Expiry Profile by GLA
Current Vacancies Specialities Current Lease Expiries
M ajo rs Current Lease Expiries Seco ndary Expiries
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1 2 3 4 5 6 7 8 9 10
ar ar ar ar ar ar ar ar ar ar
Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye
Commercial in Confidence and Copyright Protected 9Coogee Village, Coogee, NSW
Conclusion
Coogee Village represents an excellent opportunity for an astute buyer to acquire a quality eastern suburbs centre with
the following attributes:
Lease to Woolworths Limited expiring in May 2020 plus 2 x 5 year options.
The Woolworths supermarket is one of the highest trading stores in the country on a rate per square metre basis.
Woolworths supermarket presents extremely well following a recent store refurbishment.
Long term tenants committed to the centre.
Great exposure to passing trade on Coogee Bay Road.
Well established primary catchment area and seasonal holiday influx.
Opportunity to capitalise on the properties position and exposure.
Convenience related tenants ensure both the tenants viability and the centres dominant performance.
Parking on title for some 126 cars in addition to on street parking.
Affordable shopping centre located in the heart of the eastern suburbs with the nations leading supermarket
operator Woolworths.
Extremely limited sites suitable for supermarket space in the immediate area and limited competition in surrounding
suburbs make this property unique.
Commercial in Confidence and Copyright Protected 10Coogee Village, Coogee, NSW
Method of Sale
Offer to purchase
Savills are seeking interested parties to acquire the freehold strata interest in Coogee Village.
Interested parties should contact either
Ben Stewart or Simon Muirhead to discuss the property.
Ben Stewart Simon Muirhead
Associate Director Divisional Director
Level 7, 50 Bridge Street Level 7, 50 Bridge Street
Sydney NSW 2000 Sydney NSW 2000
T: 02 8215 8861 T: 02 8215 8825
M: 0414 552 850 M: 0417 458 575
E: bstewart@savills.com.au E: smuirhead@savills.com.au
All offers to purchase must include:
Name of purchasing entity together with the Principals supporting the entity;
Proposed purchase price together with any conditions of purchase including approval processes and timetable to
exchange contracts and settle.
Details of the entities ability to complete the transaction, including how it intends to fund the acquisition (if
applicable) and the track record in completing relevant similar transactions.
Commercial in Confidence and Copyright Protected 11Coogee Village, Coogee, NSW Disclaimer Whilst every care has been taken in preparing this proposal, Savills has not verified the accuracy of the information, nor has Savills sought to have the information independently verified. Any opinions and forecasts in this proposal depend necessarily on the accuracy and correctness of the information and assumptions on which the opinions and forecasts are based for which Savills cannot accept responsibility. Neither Savills nor the owner makes any representations or warranties of any kind, express or implied in relation to the information, opinions and forecasts contained in this proposal, including but not limited to the accuracy or completeness of the information, or the enforceability of any documents referred to in the proposal. The information, opinions and forecasts in this proposal is not intended to constitute specific advice and accordingly should not be relied upon for any purpose. Recipients of this proposal should make their own enquiries and investigations to confirm pertinent information, opinions and forecasts contained in this proposal and seek appropriate independent professional advice in relation thereto. Neither Savills (Aust) Pty Limited, nor any of its associated companies, will accept any responsibility or liability for any loss or damage of whatsoever nature suffered by any person or corporation seeking to rely on any information, advice, opinion or forecast provided in this proposal or otherwise given by any party in purported reliance on this proposal. This proposal is for the exclusive use of the client to whom it is addressed and may not be disclosed to nor used by any other party for any purpose whatsoever. This proposal, or any part thereof, and any reference thereto may not be included in any published document, circular or statement, without written approval of Savills (Aust) Pty Limited, or their associated companies, of the form and context in which it will appear. GST Any amounts stated or quoted in this proposal and any associated documentation is exclusive of any goods and services tax, value added tax, consumption tax or similar tax unless specifically stated otherwise. Confidential Information The information in this proposal (including all appendices) constitutes confidential information which is disclosed to the recipient solely for the purpose of assessing the property. The confidential information is for the exclusive use of the recipient and may not be disclosed to nor used by any other party for any purpose whatsoever. Copyright The copyright in this proposal (including all appendices) vests in Savills. Commercial in Confidence and Copyright Protected 12
Appendices
1. Tenancy Schedule
2. Centre Layout
3. Strata Plan
Commercial in Confidence and Copyright Protected 13Coogee Village, Coogee, NSW
Appendix 1 – Tenancy Schedule
Tenancy Schedule
Coogee Bay Village, Coogee, NSW
Outgoings
Lease Lease Lease Next Rent Base Rent Recovered Gross Passing Gross Rent
Tenant Shop GLA (m²) Term Option Commence Expiry Review (p.a.) (p.a.) Rent (p.a.) ($/m² p.a.)
Woolworths Supermarket 1 823.0 15.0 2x5yrs 01-Jun-05 31-May-20 01-Jun-15 $385,000 $35,000 $465,008 $565.0 /m²
Tobacconist 2 8.0 5.0 1x5yr 19-Mar-09 18-Mar-14 19-Mar-11 $23,000 $0 $23,000 $2,875.0 /m²
Domino's Pizza 3 58.0 5.0 1x5yr 01-Jul-06 30-Jun-11 01-Jul-11 $75,928 $0 $75,928 $1,309.1 /m²
Emma Morris - Clothing 4 59.0 5.0 2x5yrs 20-Dec-08 19-Dec-13 20-Dec-10 $75,460 $0 $75,460 $1,279.0 /m²
Touch Up Hair 5 59.0 5.0 2x3yrs 01-Mar-10 28-Feb-15 01-Mar-11 $65,000 $0 $65,000 $1,101.7 /m²
St George Bank 5a 1.0 5.0 1x3yr 01-Nov-07 30-Oct-12 01-Nov-10 $20,394 $0 $20,394 $20,394.0 /m²
Chilli Box Noodle Bar 6 132.0 5.0 01-Jul-10 30-Jun-15 01-Jul-11 $126,000 $0 $126,000 $954.5 /m²
Vacant 6a 1.0 - $0 $0 $0 $0.0 /m²
Backpackers World Travel 7 56.0 5.0 1x5yr 01-Oct-07 30-Sep-12 01-Oct-10 $73,000 $0 $73,000 $1,303.6 /m²
OzWash 8 1.0 5.0 1x5yr 01-Mar-07 28-Feb-12 01-Mar-11 $128,872 $69,426 $198,298 $198,298.0 /m²
Delicatessen 9 45.0 10.0 1x10yr 08-Jul-06 07-Jul-16 08-Jul-11 $55,899 $7,644 $63,543 $1,412.1 /m²
Car Park Lot 16 1.0 1.0 01-Jan-10 31-Dec-10 31-Dec-10 $12,252 $0 $12,252 $12,252.0 /m²
Total 1,244.0 $1,040,805 $112,070 $1,197,883
NOTE: Lease signed to Chilli Box Noodle Bar and correspondence has commenced with NAB for the ATM site. Details are available to interested parties.
Whilst every care has been taken in preparing this proposal, Savills has not verified the accuracy of the information, nor has Savills sought to have the information independently verified.
Any opinions and forecasts in this proposal depend necessarily on the accuracy and correctness of the information and assumptions on which the opinions and forecasts are based for which Savills cannot accept responsibility.
Neither Savills nor the owner makes any representations or warranties of any kind, express or implied in relation to the information, opinions and forecasts contained in this proposal, including but not limited to the accuracy or completeness of the information, or the enforceability of any documents referred to
in the proposal.
The information, opinions and forecasts in this proposal is not intended to constitute specific advice and accordingly should not be relied upon for any purpose. Recipients of this proposal should make their own enquiries and investigations to confirm pertinent information, opinions and forecasts contained in
this proposal and seek appropriate independent professional advice in relation thereto.
Neither Savills (Aust) Pty Limited, nor any of its associated companies, will accept any responsibility or liability for any loss or damage of whatsoever nature suffered by any person or corporation seeking to rely on any information, advice, opinion or forecast provided in this proposal or otherwise given by any
party in purported reliance on this proposal.
This proposal is for the exclusive use of the client to whom it is addressed and may not be disclosed to nor used by any other party for any purpose whatsoever.
This proposal, or any part thereof, and any reference thereto may not be included in any published document, circular or statement, without written approval of Savills (Aust) Pty Limited, or their associated companies, of the form and context in which it will appear.Coogee Village, Coogee, NSW Appendix 2 – Centre Layout Lot 17 highlighted in red.
Coogee Village, Coogee, NSW Appendix 3 – Strata Plan
Coogee Village, Coogee, NSW
Coogee Village, Coogee, NSW
Coogee Village, Coogee, NSW
Coogee Village, Coogee, NSW
Coogee Village, Coogee, NSW
Coogee Village, Coogee, NSW
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