99 Bikes portfolio offered with a leaseback
Postscript: these properties sold for a combined $17.25 million at auction.
Eight more 99 Bikes stores are being offered with leasebacks.
Some of the rental agreements are up to 10 years.
With options, the occupier, Pedal Group, can stay between 15-25 years.
They are across three states, in Queensland, on the Gold Coast at Upper Coomera and in Brisbane’s Ashgrove and Hillcrest, in Western Australia, at Mandurah, Morley and Success (pictured, top) and in Victoria’s Mordialloc.
The annual rental returns range from just over $30,000 (Hillcrest) to c$300,000 (Ashgrove).
The Melbourne asset earns c$130,000 per annum ex-GST.
Stonebridge’s Rory Alexander, Harry Curtain, Ian Lam and Nic Hage are the agents.
The listing comes two years since 99 Bikes, controlled by Flight Centre, a co-founder, Graham Turner, his son, Matt, and staff, offloaded a Melbourne distribution centre with a leaseback.
With 16,117 sqm on 2.44 hectares, it collected $37.7m from Cabot Properties.
Four years ago meanwhile, four shops occupied by 99 Bikes were offered with a leaseback – one in each of the ACT (Barton), Queensland (Everton Park), Victoria (Bayswater) and Western Australia (Belmont).
Ray White Commercial’s Lachlan O’Keefe, Michael Feltoe, Ryan Trickey, Ben Faulks and Chris Matthews were the agents.
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