An investment opportunity in the thriving suburb of Joondalup has arisen with the property home to a long-term tenant and lease.

Realmark’s Alex Taylor has listed the asset for sale by Expressions of Interest – Offers Close 29^th July 2022

Mr Taylor said the offering presented a great opportunity to secure a quality asset to a well-established franchise which has built a proven and impressive track record of trade in the area.

Found at 23 Sundew Rise, the near-new building was built mid-2019 and has been managed by a professional property agency, Realmark Commercial since its completion.

The building is a modern concrete-tilt design with a high, clear span truss with the internal fit out comprising various themed children’s play areas, front of house/point of sale, large commercial kitchen area plus cooking classroom, and large ablutions area. It is serviced by a 10.45kw solar system.

The external face of the building offers signage exposure to the busy Mitchell Freeway, and the signage tower atop the building is highly visible within the local vicinity as well.

The property is occupied by a well-regarded franchise, Croc’s Playcentre. The lease term is on a 4+5+5+5 year basis. The lease is also in the name of the franchisor further cementing the investment said Alex Taylor. 

Croc’s Playcentre was established in 2008 by Brett Aldons and Lawrence Cusdin. Their journey started with the purchase of a centre in Knox, based in Melbourne which they redeveloped after identifying a need for centres that provide a safe and fun environment for children. The success of the business led to the brand expanding across Australia.

Mr Taylor told COMMO, the investment offers an existing lease in place with the property itself comprising a distinctive modern building adding that it is in a prized location with close proximity to the freeway, public transport and the Joondalup Central Business District. It is part of ‘The Quadrangle’ development featuring office/showroom/retail spaces.

Joondalup is a bustling regional centre within the wider Perth metro area, which benefits from modern community services and transport routes, and a demographic including young-middle aged families.

During the latter part of the 1960s, the Metropolitan Regional Planning Authority developed the Corridor Plan for Perth which was published and adopted in 1970.

Located 26 kilometres north of Perth, the suburb was part of a plan called for the creation of five "sub-regional" retail centres which would form the commercial and economic focus of each "node" and take the retail burden away from the CBD.

Most of the land in the area remained largely undeveloped until the 1960s, and Joondalup started to become the "city of the north" towards the late 1980s to the early 1990s when houses and businesses were established in the area. Joondalup is the key regional hub for the north of Perth, a status confirmed by the Western Australian State Government's new Directions 2031 strategy which names Joondalup town centre as one of two Primary Centres for the Perth metropolitan area.

The city is named after Lake Joondalup. The name Joondalup is a Noongar word, first recorded in 1837 and possibly meaning either "place of whiteness or glistening", or "place of a creature that can only move backwards.

The city today is known for its high education facilities including Edith Cowan University, North Metropolitan Tafe and the Western Australian Police Academy.

To request a copy of the Information Memorandum please contact one of the marketing agents via the contact details below.