| 
| Property description |
Beach Road Cnr Bonner Drive Malaga , WA. |
| Property purchase price |
$8.75 million |
| Current valuation |
$15.75 million (August 2007) |
| Project earnings for period to 30 June 2009 |
11.75% |
| Trust term |
Review after 6 years |
| Number of tenants |
70 |
| Retail trading area |
2,329 sq m |
| Site area |
1.8208 hectares (18,208 sq metres) |
| Car bays |
375 |
| Visitors per weekend |
33,000 (approx) |
Background
The property is prominently located having frontage to Beach Road and is in close proximity to the corner of busy Alexander Drive.
The Malaga Markets is a unique asset which has a strong focus centred on a vibrant foodhall and cheap fresh fruit and vegetables. Some 33,000 people visit the Malaga Markets each week to experience the more casual, informal retailing environment than a traditional shopping centre. Visitors browse amongst variety stalls which generally target cost conscious consumers. The Malaga Markets provides a unique family shopping experience.
The Malaga Markets is a modern, purpose built market complex with a functional layout which commenced trading in December 1994. The markets trade from 9 am to 6 pm on Fridays, Saturdays, Sundays and Public Holidays. The foodhall stays open until 9 pm on these days.
There is strong demand for tenancy space within the Malaga Markets which provides for full occupancy at most times.
Improvements
The Malaga Markets were purpose designed and built for the operation of the unique market concept, which commenced trading in December 1994.
The property comprises a centrally located foodhall and fresh produce area with two wings of market stalls. The total net lettable area of the stalls is approximately 2,329 square metres and comprises the following:
| Foodhall |
11 tenants |
approx 320.5 m2 |
| General Stalls |
5 tenants |
approx 106.5 m2 |
| Central Stalls |
11 tenants |
approx 684.5 m2 |
| East Wing Stalls |
26 tenants |
approx 606.5 m2 |
| West Wing Stalls |
17 tenants |
approx 611.0 m2 |
| Total |
70 tenants |
approx 2,329.0 m2 |
The central foodhall and fresh produce areas are well presented and provide foodhall seating for some 300 people and a central stage for live entertainment.
The foodhall area contains 11 tenancies including a coffee shop, Italian, Chinese, Thai and Japanese food stalls, ice cream, seafood, carvery, satays, kebabs and a licensed bar. Most of the food tenancies have an area of approximately 30 square metres. The foodhall has a total tenancy area of 320.5 square metres (excluding seating).
Several general stalls are situated adjacent to the fresh produce area and include a florist, gift shop, hairdresser and coffee beans retailer.
The central market stalls are situated in two wings either side of the central foodhall and fresh produce area. The west wing has a total tenancy area of approximately 611 square metres and the east wing is approximately 606 square metres plus a cleaners store. The stalls vary in size from around 12 to 30 square metres although some of the tenancies incorporate numerous stalls.
Some 375 on site car bays surround the development and are designed to encourage the use of all seven entry points to the markets.
Lease details
All tenants pay rent on a gross basis, with the property owner responsible for the payment of all outgoings. There are a total of 70 tenant leases and some 2,329 m2 of tenancy areas. |
