Government Social Infrastructure (GSI) assets have long been regarded as beacons of stability in the ever-shifting landscape of commercial property investment. At the forefront of this thriving sector and part of Burgess Rawson’s latest GSI Investment Portfolio, lies 60-64 Wells Street in Frankston, Victoria. This landmark asset represents more than just stability; it serves as the gateway to Frankston's transformative journey and is poised to captivate a diverse range of investors.

Under the expert guidance of Mark Wizel of Advise Transact, Burgess Rawson's Matthew Wright and Zomart He, and in collaboration with Peter Bremner and Joseph Walton from Gorman Allard Shelton, this investment opportunity is being offered to the market via an Expressions of Interest campaign closing on Tuesday, October 31st.

60-64 Wells Street, nestled in the heart of Frankston's bustling CBD, is a testament to GSI assets' resilience. This prime five-level freehold building offers a substantial net lettable area of 3,239 sqm, ideally situated on a generous 796 sqm site. Notably, the existing structure presents a development canvas with the potential to add at least three more levels, offering stunning sea views for various potential uses, be it residential, hospitality, or commercial, all subject to approval. Beyond its current bricks and mortar however, the possibilities are endless for this prized parcel of land.

Positioned in a strategically prime location adjacent to the renowned Bayside Shopping Centre, the property’s neighbours include three supermarkets, 241 specialty stores, in a hub that welcomes a staggering 10.2 million visitors annually. Alongside esteemed national tenants such as Australia Post, Chemist Warehouse, 7-Eleven, Grill'd, Betty's Burgers and Nando's, its unrivalled convenience is underscored by its mere 250-metre proximity to Frankston Train Station.

But what truly sets this opportunity apart is the unwavering commitment of its tenants, all firmly anchored by significant government funding, ensuring stability irrespective of market fluctuations or economic downturns:

• Anglicare Victoria - in occupancy 15+ years: With a mission to create opportunities and solutions for those in need, Anglicare Victoria further solidifies the property's role as a hub for community outreach and support.
• Victorian State Government - in occupancy 6 years: As a cornerstone tenant, the Victorian State Government provides essential community services, safeguarding both 64 Wells Street and its broader role in government support.
• Family Life - in occupancy 6 years: This trusted tenant is dedicated to supporting vulnerable individuals and families within the community, adding a layer of security to the property's long-term viability.

Matt Wright noted, "We are witnessing a surge in demand for these recession-proof assets, resulting in significant increases in listings and sales. GSI assets are particularly attractive because their tenants prioritise maintaining tenure, anchoring themselves as stable providers of essential community services. The multi-tenanted GSI asset in Frankston exemplifies this characteristic, as it accommodates community-focused government tenants."

Frankston, the backdrop to this exceptional GSI investment, is undergoing a remarkable transformation. Located approximately 40 km southeast of Melbourne's CBD, Frankston is a thriving business hub boasting 30,897 registered firms, generating an impressive $142 billion in economic output annually.

With a current residential population of 147,128, Frankston is poised for substantial growth, forecasted at an impressive 11.2% increase to reach 163,610 residents by 2041. The community is diverse, with 69.9% of the 56,873 dwellings being family households.

Frankston's Gross Regional Product (GRP) has surged by 24% over the past five years to an impressive $7.623 billion, with healthcare and social assistance accounting for 23% of all jobs in the region.

Zomart He anticipates strong investor interest across the board, from family offices to Asian buyers, emphasising the appeal of GSI properties and the property's high-profile position in a thriving suburb undergoing significant and ongoing transformation.

The city's CBD has emerged as a magnet for new businesses, yielding a surge in job opportunities and economic activity, with 150 new businesses established in the past year alone. The arts and tourism sector has garnered national recognition, drawing visitors from across the country, exemplified by the Frankston Arts Centre welcoming an astounding 250,000 annual visitors.

Government investments are accelerating progress, notably the Metro Tunnel project set to transform connectivity between Frankston and Melbourne, and the Jubilee Park multi-purpose stadium redevelopment. Moreover, the important Frankston Train Station has recently undergone a remarkable $63 million development, which not only includes additional parking but also ensures that Frankston remains easily accessible to all residents of South Eastern Melbourne suburbs.

Frankston City Council's 2023-24 budget is a testament to their dedication, featuring significant allocations including $18.5m in new building construction, $8.28 million in roads, and $2.87 million for economic development. This budget is part of a planned $757 million investment in capital works between 2021-31, encompassing new building construction, parks, leisure facilities, and essential road upgrades.

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