THE SEASIDE APARTMENT THAT THINKS IT’S A HOUSE
This property delivers on all the best bits of living in Sydney without the high maintenance
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For Sydneysiders attracted to the dual amenities of a beach location and city services, it is hard to imagine a better address than this apartment at Grande Esplanade, Manly.
Positioned across the road from the harbourside beach and Manly Wharf, this three-bedroom, two-bathroom property enjoys the ideal mix of privacy and accessibility to shops, restaurants and public transport, as well as being a stone’s throw from the water. Now on the market since the passing of the original owners, Ian and Dorothy Hales, who bought the apartment off the plan, it’s a rare opportunity for families, downsizers or professional couples with ‘work from home’ arrangements to achieve work/life balance in a covetable setting. The former owners found the property well suited to ageing in place, with indoor and outdoor living spaces to enjoy, as well as easy access.
With a generous 322sqm floorplan on title, the light-filled third floor apartment has direct access to shared gardens, which are maintained by building management, making the property feel more like a house. The former owners used the gardens to host family events, including a wedding during COVID, and it’s a great vantage point for watching the New Year’s Eve fireworks on the harbour.
With a $6 million price guide, it is sure to attract strong interest as a low maintenance, high amenity option.
Address: 303/54 West Esplanade, Manly
Auction: 10am February 25, 2023
Next inspection:
Price guide:
Agents: Jake Rowe 0414 612 546; Nathan Tse 0411 386 455 The Agency
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A legacy “partner” lease structure tied to sales, not fixed rent, is drawing investor attention as a potential hedge against inflation.
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A McDonald’s restaurant in Yass has been brought to market with one of the last remaining pure turnover leases in Australia, offering investors a direct share of revenue rather than a traditional fixed rental return.
The asset, located at 1713 Yass Valley Way, is being marketed by JLL via an expressions of interest campaign closing on 30 April. It is underpinned by a legacy lease structure no longer offered by McDonald’s in Australia.
Under the arrangement, the landlord receives 6.5 cents for every dollar spent at the restaurant, creating uncapped income growth linked directly to sales performance.
The lease is structured as triple net, meaning no operational risk, capital expenditure obligations or management responsibilities for the owner.
According to JLL, the property has recorded compounded annual sales growth of 4.26 per cent since 2003, with rental income rising by 150 per cent over the same period.
JLL’s David Mahood said the structure allows investors to “participate directly in the sales growth” of the business, rather than relying on fixed annual rent reviews.
The newly commenced lease runs to 2036, with four additional 10-year options extending to 2076, providing a weighted average lease expiry of 9.92 years by income.
The asset sits on a 3,571 square metre freehold site in Yass, with significant frontage to the Hume Highway, one of Australia’s busiest freight corridors.
The location benefits from high volumes of passing traffic, including an estimated 75,000 vehicles per day.
The quick service restaurant sector has remained resilient through economic cycles, including the pandemic and recent cost-of-living pressures, with McDonald’s continuing to expand its footprint and invest in store upgrades across Australia.
JLL pointed to strong investor demand for McDonald’s-backed assets, with recent transactions typically yielding between the high 2 per cent to mid 3 per cent range.
The Yass listing is expected to attract interest due to the scarcity of turnover-based leases, which provide a natural hedge against inflation by linking income growth to consumer spending rather than predetermined increases.
McDonald’s Yass is available for sale via an Expressions of Interest campaign closing at 3:00pm (AEST) on Thursday, April 30.
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