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News release


A commercial asset featuring a near 9-year double net lease to a prominent local college is announced for sale in St Leonards

The building at 46 Nicholson Street is currently leased to Australia’s largest independent natural therapies college, Nature Care College

SYDNEY, 9 May 2013 – A 1,200 sqm office building at 46 Nicholson Street in St Leonards is announced for sale through an Expressions of Interest campaign by Jones Lang LaSalle.
Current occupier Nature Care College, a Registered Training Organisation entering its 41st year of operation, is offering exceptional security for potential buyers via a double net lease expiring in 2022.

The property is being offered at an indicative price of $5.65m, equivalent to an initial net yield of 8.5%. It is anticipated that it will attract plenty of interest from local and private buyers for potential addition to self-managed superannuation funds.
Selling agent Ben Larsson, Manager, Sales and Investments at Jones Lang LaSalle said, “The security offered by the College’s long association with St Leonards, and the double net lease of almost 9 years will appeal to many local investors who want to capitalise on low current borrowing costs by investing in a core commercial location.
“The indicative yield of 8.5% reveals a relatively bite-sized investment, 300 metres from the St Leonards transport interchange.”
Commenting on the tenant, Mr Larsson said, “The College has been operating continuously in the St Leonards area for almost the entire 40 years of its existence and has graduated well over 10,000 students since 1973. They are a prominent part of Sydney’s natural therapies tertiary education scene.
“Nature Care College is a VET FEE-HELP accredited provider. This allows HECS-like Federal Government assistance to students studying higher level Vocational Education and Training (VET) qualifications to pay their tuition fees, illustrating the ongoing viability and sustainability of the College’s operations.”
The three-storey office building was built in 1972 and features a simple, uncluttered 400 sqm (approx.) floorplate, excellent light front and back and 33 car spaces over two secure basement levels. The building houses the college’s café and lecture facilities on the ground floor, with administration and additional lecture space on levels 1 and 2.
Mr Larsson said the lease has a single 6 year option in 2022 and ensures a genuine net income with the tenant paying all non-structural outgoings on the building.
The Expressions of Interest campaign for the sale of 46 Nicholson Street, St Leonards commences 16 May and concludes 13 June 2013.
This sale campaign follows Jones Lang LaSalle’s recent marketing for sale of 33 Herbert Street in St Leonards, which continues to attract interest from a variety of private investors and local owners.​