Hangar 1, Lot 408 Compass Road, Jandakot Airport

SOLD

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Aircraft description

A rare opportunity exists to purchase Hangar 1, Lot 408 Compass Road, Jandakot Airport, Western Australia.

The hangars owned in the Western Owners group is by way of units held in a trust company (Western Owners Unit Trust), which is the lessee of the site on which the hangars have been built.

All hangars have a unit entitlement which is proportional to their hangar floor area. The total floor area of all 13 hangars on this site is 2,381 m2. Hangar 1 has a floor area of 174 m2 and, therefore, an entitlement of 174 units.

Rent and outgoings are calculated prior to the trust’s AGM at the end of September each year and are payable immediately thereafter.

- Hangar 1 is approx. 12.05 x 14.05M
- Toilet facilities inside hangar opposite (for the group of hangars) on Compass Road, Hangar 6
- Social room with kitchen established in Hangar 9 for all of 13 owners & tenants

Note: Although the hangars themselves technically belong to the unit holder, there is a reversion clause in the lease which could see them revert to the Lessor (Jandakot Airport Holdings) at the end of the current lease (which runs until the 30th June, 2047), if the lease is not renegotiated at that time.

Sale is subject to approval by unit holders.

Financials:
- Income is currently approx. $600 pcm (storage / casual) plus $440 pcm (aircraft / casual). Expected returns $100 pct + GST if applicable per aircraft parked
- Expected income with storage and 1 aircraft rental = $7200 + $5280 = $12,480 per annum
- All costs are apportioned in accordance with each owner’s unit holding.
- Fees for rent, outgoings, etc., totalling $10,831.51 for the 2022/23 year have already been paid for Hangar 1
- An apportionment fro outgoings paid will be made at the time of settlement depending on negotiations