50 Swann Drive Derrimut

Transcription

1 50 Swann Drive Derrimut INFORMATION MEMORANDUM For Sale by Expressions of Interest Closing Wednesday 16 September 2009 at 4.00 pm

2 CONTENTS 1 Introduction 2 2 Executive Summary 3 3 Location 4 4 Property Details 5 5 Improvements 6 6 Site Plan 11 7 Lease Particulars 12 8 Company Profile 15 9 Sale Process Conclusion Disclaimer 18 Appendices Appendix I Appendix II Appendix III Appendix IV Certificate of Title Lettable Area Survey Indicative Depreciation Schedule Expression of Interest Form

3 1 Introduction Colliers International is delighted to offer for sale this premium investment property leased to Independent Distillers (Aust) P/L. 50 Swann Drive, Derrimut is located in the heart of the booming industrial western corridor. Rarely do true institutional grade industrial investments of this caliber reach the market. The property is truly prime in every aspect. Key characteristics include: Blue Chip Tenant Australia s Number One Industrial Precinct Triple Net Lease Convenient to Major Arterial Roadways 15 Year Lease Modern Facility with Design Flexibility Excellent Depreciation benefits Outstanding Rent Review provisions Certainty of income and location are the cornerstone of every quality investment decision, and 50 Swann Drive, Derrimut warrants serious consideration. Contact Particulars: Tony Iuliano David Kalb Director Industrial Senior Executive Industrial T: T: M: M: E: tony.iuliano@colliers.com E: david.kalb@colliers.com Page 2

4 2 Executive Summary Property Address: 50 Swann Drive, Derrimut Brief Description: The subject property is improved with a circa 2001 constructed industrial complex, which was extended in 2002, and again in The buildings comprise high quality warehouse accommodation with double storey offices attached. Location: The subject property has dual frontages to a right angle bend of Swann Drive, located within the Gilbertson Industrial Estate. Lettable Areas: In accordance with the attached Gross Lettable Area survey plan, the gross building area can be represented as follows: Component Lettable Area (m 2 ) Offices 2,017 m 2 Warehousing 36,786 m 2 TOTAL: 38,803m 2 * Site Area: *Excludes canopy of 722m 2 According to the title plan the total land area is 78,390 square metres (7.84 Ha). Income Summary: $2,630, per annum plus GST Outgoings: (Triple Net Lease) payable by tenant Term: 15 years Further Term: 2 x 5 years Guarantee: 12 month Bank Guarantee Basis of Sale: Expressions of Interest closing 4pm Wednesday 16 September 2009 at the offices of Colliers International. Attention: Tony Iuliano. For a detailed online view of this property, please click on this link: - Page 3

5 3 Location The subject property has dual frontages totaling 592 metres to a right angle bend of Swann Drive, situated in the suburb of Derrimut, approximately 17 kilometres west of Melbourne s CBD. Swann Drive extends east from Mount Derrimut Road and connects with Fitzgerald Road to the west. Nearby Boundary and Fitzgerald roads, provide good access to Princes Freeway to the south and the Western Ring Road to the north, with Fitzgerald Road also providing access to the recently opened Deer Park Bypass. Accordingly, the property is situated in an excellent location within close proximity to major road networks. The Gilbertson Industrial Estate is the premier industrial precinct comprising a large number of modern industrial facilties occupied by many prominent corporations such as: The recently completed William Angliss Industrial Estate is situated on the northern side of Doherty s Road while the Gilbertson s Industrial Estate is just north of the William Angliss Estate. This prime location continues to be highly sought after by tenants, owner occupiers and investors alike and will continue to benefit from the inherent features the western industrial corridor provides to the vast number of occupiers. Page 4

6 4 Property Details Title Details The subject property is known as Lot 1 on Plan of Subdivision PC364440C, being more particularly described within Certificate of Title Volume Folio 277. A copy of the Title documentation is attached as Appendix I. Site Area and Dimensions According to the Title Plan, the total land area is 78,390 square metres (7.84 Ha). The site is rectangular in shape, situated on the right angle bend of Swann Drive with a combined frontage of 592 metres. Town Planning The property is situated within the Brimbank City Council and falls under the Brimbank Planning Scheme. The property is zoned Industrial 2. Page 5

7 5 Improvements Description The subject property is improved with a circa 2001 constructed industrial complex, which was extended in 2002, and again in The buildings include high quality warehouse accommodation being temperature controlled to part, plus double storey offices attached. In addition to the main warehousing and administration offices, there is various warehousing accommodation which incorporates plant and equipment infrastructure necessary for the operation of Independent Distillers. The gross lettable area of the improvements totals 38,707m 2. Additional site improvements include 200 onsite car spaces, drive around access, hardstand area of approximately 6,600m2 and an attached canopy to the western side of the main warehouse. The general accommodation for the subject property is outlined as follows: Office Comprises two level office accommodation including reception, open plan and partitioned offices, staff lunch room and amenities. The offices are fitted to a high quality standard. Component Footings/Floor Roof External Walls Window Frames Internal Walls Ceiling Floor Coverings Lighting Air Conditioning Fire Sprinklers Concrete Metal deck Concrete panel and glazing Aluminium Plasterboard Plasterboard and suspended acoustic tile Carpet, vinyl and ceramic tile Recessed fluorescent lighting Ducted reverse cycle No Page 6

8 Finished Goods / Inward Goods / Production Warehouses The eastern half of the industrial complex comprises three (3) attached warehouses which were built circa 2001 and are utilized for production and storage of outward and inward goods. The warehouses provide clear span high clearance (8-9 metres) accommodation, concrete dado with steel deck clad upper walls, plus sections of sandwich panel internal cladding. Additional construction features include concrete flooring, portal steel framing, mercury vapour lighting, plus two (2) roller shutter doors to the eastern side. A concrete hardstand area is provided to the eastern side of this complex. A dispatch office is constructed within the warehouse. Page 7

9 Stage 2 Warehouse The western half of the industrial complex comprises a warehouse which was built circa 2002 and is utilised for storage of finished goods. The warehouse provides high clearance (8-9 metres) accommodation, concrete dado with steel deck clad upper walls. Additional construction features include concrete flooring, portal steel framing, mercury vapour lighting, fire sprinkler system, plus four (4) roller shutter doors to the western side. A concrete hardstand area is provided to the western side of this complex. A dispatch office is also constructed to the western side of this warehouse. The warehouse accommodation is rectangular with numerous access points on both the western, southern and eastern elevations. Component Footings/Floor Roof Walls Frame Lighting Air Conditioning Fire Sprinklers Clearance Concrete Metal deck Concrete panel/dado metal deck/insulated sandwich panel Steel portal Mercury vapour Ducted reverse cycle Bonded Warehouse only Minimum: 6.9 metres (approx) Maximum: 8.7 metres (approx) Page 8

10 Ancillary Buildings In addition to the main industrial complex there are various ancillary buildings which accommodate plant and equipment infrastructure necessary for the operation of Independent Distillers including: Brew House Blend Area Boiler Room Cool Room Spirit Line Hazardous Goods Dock Office Canopy Page 9

11 Building Area Breakdown Component Lettable Area (m 2 ) Office 1, Stage 2 Warehouse 17, Inward Goods 3, Production Area 6, Finished Goods 6, Brew House Spirit Line & Blend Area 1, Boiler Room Cool Room Hazardous Goods Dock Office TOTAL: 38,803.30m 2 * *Excludes Canopy of 722m 2 Page 10

12 6 Site Plan Page 11

13 7 Lease Particulars The subject property has been leased on the following terms and conditions: Lessee: Independent Distillers (Aust) Pty Ltd Lease Term: 15 years from Settlement Further Terms: Two (2) x Five (5) Years Rental: $2,630,000 per annum net (Triple Net Lease)* Outgoings: All statutory outgoings including management fees, capped at $50,000 per annum. Rental Reviews: 3.5% annually or CPI whichever is the greater, with a market review in year 8 but not less than the previous year Bank Guarantee: Equivalent to 12 months rent and 12 months value of rates and taxes. * The lessee will be responsible for repairs and maintenance of all plant, equipment and building services, in addition to items of a structural nature. Page 12

14 Rental Analysis We have dissected each component of the subject property and have hypothetically apportioned each component as follows: Component Lettable Area (m²) Market Rent Amount Rate Per m² Office 1, $250, $ Stage 2 Warehouse 17, $1,144, $65.00 Inward Goods 3, $226, $62.50 Production Area 6, $382, $62.50 Finished Goods 6, $398, $62.50 Brew House $38, $67.50 Spirit Line & Blend Area 1, $92, $67.50 Boiler Room $32, $67.50 Cool Room $17, $67.50 Hazardous Goods $25, $67.50 Dock Office $23, $ TOTAL 38, $2,631, $67.78 Rounded for Practical Purposes: $2,630, Page 13

15 Recent Derrimut / Laverton Comparables We believe the rental is at market and therefore, we reconfirm the rental suggested be implemented in this process. We attach 8 properties demonstrating rental rates to support our recommendation. Address GLA (m²) Comm. Date Term Net Passing Rent (p.a.) Rate per m² 176 Swann Drv, Derrimut 15,985 August $975,700 $ Swann Drv, Derrimut 6,490 October 08 2 $434,761 $ Chambers Rd, Altona 4,000 December 08 6 $240,000 $ Ajax Rd, Altona 2,152 April 09 4 $156,020 $72.50 G7 & G8, 449 Grieve Pde, Altona 20,248 July 08 3 $1,235,177 $ Paramount Blvd, Derrimut 6,605 June 08 5 $460,000 $ Agosta Drv, Laverton Nth 3,300 September 08 5 $240,000 $ Studley Crt, Derrimut 14,721 August $1,177,000 $79.95 Page 14

16 8 Company Profile History Founded in Auckland, New Zealand in 1987 as Independent Liquor (NZ) Ltd, the now named Independent Distillers Group manufactures and distributes alcoholic beverages to export markets worldwide. Business Overview The Independent Distillers Group core business is its own ready-to-drink (RTD) brands which are continuously evolving, including Vodka Cruiser s Australia s Number One White Spirit RTD. RTD s represent the fastest growing segment of the Australasian alcoholic beverages industry. Independent Distillers also produces a selection of beer, wine and spirits under its own brands, and is beginning to distribute licensed brands in some markets. A company that prides itself on being dynamic and innovative, Independent Distillers is always keen to explore new opportunities. It has successfully been at the forefront of innovation and development of RTD s in both New Zealand and Australia and owns some of the largest brands in the Asian RTD market. Key products such as Vodka Cruiser, Woodstock Bourbon and Pulse have been a major influence in the expansion and growth of the Independent Distillers Group over the past 10 years. Export markets include China, Hong Kong, Korea, Malaysia, Philippines, Taiwan, USA and Vietnam. Further information can be found on the website: Page 15

17 9 Sale Process The property is being offered for sale by Expressions of Interest, closing at 4.00pm on Wednesday 16 th September We provide an Expression of Interest form as Appendix IV and strongly encourage your participation. Should you require further details or would like to arrange an inspection, please contact: Colliers International Level 32 Optus Centre 367 Collins Street Melbourne VIC 3000 Contact: Tony Iuliano David Kalb Director Industrial Senior Executive Industrial Direct: Mobile: A Due Diligence CD will be made available on your request. Page 16

18 10 Conclusion The opportunity to purchase a Blue Chip investment such as 50 Swann Drive, Derrimut is truly unique. Colliers International firmly believes that 50 Swann Drive, Derrimut provides the astute investor with all the key elements required to ensure the long term performance of a substantial industrial asset, including: Major lessee in Independent Distillers (Aust) P/L Lease term of 15 years with Two (2) x Five (5) year option Prominent main road position Australia s premier logistics and industrial precinct services by the Western Ring Road Income of $2,630,000 (triple net) Secured by 12 month Bank Guarantee We highly recommend your consideration of this premium investment opportunity. Page 17

19 11 Disclaimer The opinions, estimates and information given herein or otherwise in relation hereto are made by Colliers International and affiliated companies in their best judgment, in good faith and as far as possible based on data or sources which are believed to be reliable. The material contained herein is not intended to substitute for obtaining individual advice from Colliers International or another advisor able to provide the services of a qualified professional person. Colliers International, its officers, employees and agents expressly disclaim any liability and responsibility to any person whether a reader of this publication or not in respect of anything and of the consequences of anything done or omitted to be done by any such person in reliance whether wholly or partially upon the whole or any part of the contents of this publication. COPYRIGHT Colliers International 2009 all rights reserved. No part of this work may be reproduced or copied in any form or by any means (graphic, electronic or mechanical, including photocopying, recording, recording taping, or information retrieval systems) without the written permission of Colliers International. Page 18

20 APPENDIX I CERTIFICATE OF TITLE Page 19

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23 APPENDIX II LETTABLE AREA SURVEY Page 20

24 LETTABLE AREA PLAN FOR 50 SWANN DRIVE, DERRIMUT, VIC SCHEDULE OF AREAS CANOPY STAGE 2 FINISHED GOODS AMEN. C HAZ GOODS STORE SHED A SPIRIT LINE & BLEND AREA PRODUCTION AREA COLD STORE INWARD GOODS PLANT A BOILER ROOM BUILDING A STAGE 2 FINISHED GOODS SPIRIT LINE & BLEND PRODUCTION AREA COLD STORE INWARD GOODS BOILER ROOM HAZ. GOODS STORE OFFICE & AMEN A OFFICE & AMEN B AMENITIES C 1ST FLR OFFICE & AMEN SHED A PLANT A TOTAL AREA BLD A BREWHOUSE WAREHOUSE AMENITIES MEZZANINE SHED B TOTAL AREA B/HOUSE TOTAL AREA 17,606.5 m² 6,351.6 m² 1,368.9 m² 6,123.0 m² m² 3,618.9 m² m² m² 1,080.2 m² m² 21.4 m² m² 15.3 m² 17.3 m² 38,265.3 m² m² 4.9 m² m² 9.7 m² 1,051.0 m² 39,316.3 m² CANOPY m² LETTABLE AREA OFFICE & AMEN. B BUILDING A WAREHOUSE INT - INTERNAL FACE - ERNAL FACE C/L - CENTRELINE WALL G/L - GLASS LINE S/L - SHUTTERLINE SHED B AMEN. BREWHOUSE MEZZANINE OFFICE & AMEN. A OFFICE & AMEN. A FIRST FLOOR METHOD OF MEASUREMENT AREAS HAVE BEEN CALCULATED IN ACCORDANCE WITH THE PROPERTY COUNCIL OF AUSTRALIA (PCA) METHOD OF MEASUREMENT FOR LETTABLE AREA (MARCH 1997) GUIDELINES USED GROSS LETTABLE AREA PLAN PREPARED FOR: CHARTER KECK KRAMER LETTABLE AREA PLAN 50 SWANN DRIVE DERRIMUT, VIC DATE: REF: 10/08/ AM REV: A SCALE: 1: 1000 at A3 sydney melbourne brisbane adelaide perth Real Estate Plans & Surveys P F

25 Haz. Goods Store Shed A Roller Shutter 5.0m w x 5.0m h Amen. Spirit Line & Blend Area Cold Store Plant A Boiler Room Canopy Roller Shutter 5.0m w x 5.0m h Roller Shutter 5.0m w x 5.0m h Roller Shutter 5.0m w x 5.0m h Office & Amen. B BUILDING A Stage 2 Maximum Height 8.3m Minimum Height 6.7m BREWHOUSE Pump A Roller Shutter 5.8m w x 7.5m h 18.7 Amen. WAREHOUSE Max Height 10.7m Min Height 10.1m Shed B Roller Shutter 5.0m w x 5.0m h 30.5 Mezzanine Finished Goods Maximum Height 8.5m Minimum Height 6.9m FIRST FLOOR Production Area Maximum Height 8.8m Minimum Height 6.6m Office & Amen. A 62.9 Office & Amen Inward Goods Maximum Height 8.3m Minimum Height 7.0m Roller Shutter 5.0m w x 5.0m h Roller Shutter 5.0m w x 5.0m h Pump B Information Schedule BUILDING A Stage 2 Finished Goods Spirit Line & Blend Production Area Cold Store Inward Goods Boiler Room Haz. Goods Store Office & Amen A Office & Amen B Amenities C 1st Flr Office & Amen Shed A Plant A Total Area BLD A BREWHOUSE Warehouse Amenities Mezzanine Shed B Total Area B/HOUSE Total Area Canopy Pump A (Excluded) Pump B (Excluded) 17,606.5 m² 6,351.6 m² 1,368.9 m² 6,123.0 m² m² 3,618.9 m² m² m² 1,080.2 m² m² 21.4 m² m² 15.3 m² 17.3 m² 38,265.3 m² m² 4.9 m² m² 9.7 m² 1,051.0 m² 39,316.3 m² m² 36.9 m² 36.2 m² Disclaimer : This plan has been prepared for marketing purposes only. Interested parties should undertake their own enquiries as to the accuracy of the information. Areas taken from Realserve Lettable Area Plan - Ref:35215AM, Dated: 10/08/09 Plan Prepared For: MARKETING DRAWING 50 Swann Drive DERRIMUT, VIC Date: Ref: Scale: 10/08/ AM Rev: A 1: 900 at A3 sydney melbourne brisbane adelaide perth Real Estate Plans & Surveys P F

26 APPENDIX III INDICATIVE DEPRECIATION SCHEDULE Page 21

27 APPENDIX IV EXPRESSION OF INTEREST FORM Page 22

28 Expression of Interest 50 Swann Drive, Derrimut Parties interested in the purchase of the above property are invited to complete this form and return to: Mail: Mr Tony Iuliano Director Industrial Colliers International Level Collins Street Melbourne Vic 3000 Fax: Additional information, which supports or clarifies a Registrant s submission, may be annexed to this Expressions of Interest Form. The Contract of Sale will be made available to interested parties on request. 1. Registrant s Details: a. Name of Individual: b. Name of Company: c. Street Address: d. A.B.N. e. Telephone: f. Facsimile: g. Attention: 2. Registrant s Solicitor: a. Company: b. Street Address: c. Telephone: d. Facsimile: e. Attention: 3. Proposed Purchase Terms: a. Purchase Price: b. Deposit (%): c. Settlement Period: 4. Special Conditions (if any): EXPRESSIONS OF INTEREST 4PM WEDNESDAY 16 TH SEPTEMBER Signed for and on behalf of the Registrant Date Name of Signatory (please print) Note: The Vendor reserves the right, in its sole discretion, to vary the sales process, to postpone or cancel the sale of the property and to modify or add any terms and conditions to any proposed contract of sale or Vendor s statement which may be made available to a potential purchaser.