A commercial site with Woden's coolest tennant is on the market

Woden’s revitalisation is gathering pace and a good sign is when the hospitality options start boosting their numbers.

The Alby opened up late last year and this bar, dining and entertainment venue is now offering investors an asset-backed by a triple net lease.

The Alby was designed by award-winning architect, Capezio Copeland, and developed by the DOMA Group. No. 45 Furzer Street is part of the Alexander and Albemarle precinct in the Woden Town Centre.

James Baker of Burgess Rawson says The Alby offers a long-term investment that’s enhanced by a  sought-after triple net lease.

“The advantage is that the tenant is responsible for meeting all costs including rates, repairs, maintenance and replacements,” he says.

“On top of that are significant tax depreciation benefits through a top-end fitout that cost some $4 million and was only completed late last year.”

The 1100 square metre space includes bars, private dining, beer garden and a games basement that includes Australia’s first duckpin bowling lanes, pinball and pool tables.

“This outstanding new venue presents a significant asset that’s largely a ‘set and forget’ option though that triple net lease and solid tenant,” he says.

DOMA Hotels has a 10-year lease with two by five-year options. Net Income is $440,120 per annum with fixed annual 3 per cent rent increases.

Phillip

View property

Price guide: Circa $8.25 million

Agent: Burgess Rawson Canberra, James Baker 0421 863 040

Auction: 10.30am, February 22