OwnerGDI No. 43 Property Trust
Fund establishedJanuary 2018
SectorRetail

6 Sunray Drive, Innaloo Overview

6 Sunray Drive, Innaloo (the Property) is prominently located approximately 8km north of the Perth CBD and enjoys excellent visibility and accessibility from the Mitchell Freeway, the main north-south freeway in Perth. The Property is an easy walk from Stirling Station on the main northern rail line to its east and the soon to be redeveloped Westfield Innaloo to its west. It is located within the Stirling City Centre Zone, Station Precinct. Although zoned for its current use, a rezoning of the Property would likely allow for a combination of up to 1,800 apartments, 14,000sqm of mixed use space and 1,600 car parks.

The IKEA Building was specifically designed and constructed in 2008 in accordance with IKEA’s strict development guidelines and incorporates two floors of retail space including showrooms, office accommodation and staff facilities, child‐minding facilities, a 400 seat restaurant and café, a Swedish food store, and high clearance warehousing. There is a further 2,933 square metres of accommodation over four peripheral retail units leased to multiple tenants. There is onsite parking for approximately 1,000 cars.

The Property has a weighted average lease expiry of over 5 years, with the IKEA retail store lease expiring in February 2023, with IKEA having three 5 year options. The IKEA retail store lease has both CPI and market reviews, both of which are subject to a ratchet clause.