Prominent CBD retail site sells for $48 million
A retail development site in the heart of Perth’s CBD has sold for $48 million. The 1,705sqm site at 96 and 110 William Street, and 255 Murray Street Mall was marketed by RWC WA agent Brett Wilkins.
Many commercial leases stipulate that tenants must reimburse maintenance expenses and property running costs to the landlord.
These recoverable outgoings may include (but are not limited to) rates, insurance, water, electricity, body corporate fees, general repairs and maintenance, and in some cases land tax.
Generally, a budget outlining annual outgoings is prepared, and the tenant pays monthly contributions to cover these expenses. At the end of the financial year these monthly installments are reconciled against actual costs, with an adjustment invoice or credit note issued to account for shortfalls or over-payments.
In order to complete the reconciliation, it’s important that thorough and accurate records of all property expenses are kept on file. This information is used to create the balance sheet and will help provide clarity in the event of any dispute or audit.
Each lease should clearly identify what outgoings will be recovered, and provide a schedule of when the tenant will be furnished with the budget and corresponding reconciliations.
The experienced team at Ray White Commercial Bayside provides this accounting process as part of their award-winning Property Management service. Call us today to find out more about what expenses you could be recovering.
A retail development site in the heart of Perth’s CBD has sold for $48 million. The 1,705sqm site at 96 and 110 William Street, and 255 Murray Street Mall was marketed by RWC WA agent Brett Wilkins.
A Canning Vale industrial property has been sold to a local investor for $4.1 million. Located at 42-44 Wittenberg Drive, the 4,538sqm property has been leased to Kemp Engineering for the past decade, selling at a 5.85 percent yield.