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Property Sector Description, Age & Tenure<br />
Riesapark 2, 01587<br />
Riesa, Germany<br />
‘‘Valentin<br />
Passage’’, Sieh-<br />
Dich-Für-Weg 4, 6,<br />
8, 10, 12 &<br />
Hauptstraße 46, D<br />
91154 Roth,<br />
Germany<br />
Shopping<br />
Centre<br />
Mixed<br />
Use<br />
The subject Property comprises a<br />
shopping mall complex with<br />
42 smaller shops and<br />
restaurants, 16 specifically<br />
related shops and a car service<br />
area. In addition a petrol station<br />
and a car dealer are located at<br />
the site. The Property comprises<br />
a total of 52,043 sq m.<br />
The main building complex<br />
consists of three rectangular<br />
parts A, B and C, which are<br />
connected in a semicircular<br />
manner. The construction of<br />
part A and B was completed in<br />
1992, with the addition of part C<br />
commencing later in 1993. The<br />
majority of the Property is<br />
arranged over ground floor only<br />
and benefits from eighteen<br />
separate public entrances. The<br />
site borders along<br />
Riesaparkstrasse and the corner<br />
of Rostocker Strasse.<br />
The Property is a well specified<br />
double storey complex extending<br />
from basement to ground floor<br />
comprising of concrete steel<br />
construction complete with<br />
painted concrete/metal sheeting<br />
facade and glass frontages<br />
beneath a combination of<br />
pitched glass, barrel, shed and<br />
flat roofing.<br />
Externally, the Property benefits<br />
from extensive parking<br />
provisions with the parking area<br />
comprising a total of 1,800<br />
parking bays situated to the<br />
front and rear of the Property.<br />
The Property will be held<br />
freehold.<br />
The property has four storeys,<br />
and comprises a mixed-use<br />
shopping mall complex,<br />
encompassing a Marktkauf<br />
Supermarket, 9 smaller shops,<br />
1 office suite, 2 medical suites<br />
and 26 residential flats, plus an<br />
attic floor and a basement<br />
including parking lots.<br />
The main building has a gross<br />
floor area of approximately<br />
15,000 sq m, which comprises 60<br />
per cent retail, 30 per cent<br />
residential and 10 per cent office/<br />
medical use. The property was<br />
constructed between 1996 and<br />
1997 and the main building has<br />
four storeys plus an attic floor<br />
and a basement level for<br />
parking.<br />
Up until 1995 the northern site<br />
was occupied as both a factory<br />
that made Christmas decorations<br />
and as a brewery, while the site<br />
south of Sieh-Dich-Für-Weg was<br />
a green field site.<br />
The Property will be held<br />
freehold.<br />
Terms of Existing<br />
Tenancies<br />
The Property is multi-let<br />
with an average<br />
unexpired term at the<br />
date of valuation of<br />
approximately 4.5 years.<br />
The anchor tenant at the<br />
Property is Real SB-<br />
Warenhaus GmbH who<br />
occupies 8,899 sq m of<br />
accommodation on a<br />
lease expiring in August<br />
2012. The current gross<br />
rent passing under the<br />
lease is A1,051,425 per<br />
annum.<br />
The Property is multi-let<br />
with a large proportion<br />
of the income secure<br />
against the anchor<br />
tenant, AVA Marktkauf,<br />
under a lease expiring in<br />
April 2017. The current<br />
gross rent under this<br />
lease is A1,136,888 per<br />
annum. All of the<br />
residential leases are<br />
open-ended.<br />
74<br />
Estimated<br />
Net<br />
Annual<br />
Rent<br />
Net<br />
Annual<br />
Rent<br />
Net<br />
Initial<br />
Yield<br />
Market<br />
Value<br />
4,012,633 3,879,591 6.26% 57,340,000<br />
1,254,831 1,315,671 5.89% 21,310,000
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