This property is located 25 kl south of Tully in the Tully Murray Valley. The main crops in the area are bananas, sugar cane, cattle and forestry.
This property is leased by a global food company and it’s used primarily for the propagation of banana’s and pineapples. This company also leases numerous neighbouring properties and numerous other properties in Far North Queensland. A plant tissue culture laboratory has been constructed under one of the homes and has been operating now for 1 ½ years. A nursery has been constructed to grow out the plants from the tissue culture laboratory. The remainder of the property is used for banana production and workshop.
There are two 3 bedroom houses on the property on two separate titles. The properties are well maintained and houses have been freshly painted. Both houses are fully furnished with mostly new furnishings and are included in the sale. Numerous sheds are located over the properties including a large packing shed and machinery shed. Water will never be an issue with two bores pumping 30,000 gph.
The lease covers whole of property and is 10 years x 10 years lease. The lease is now in the start of the second year of the first 10 year term. The rent is over the whole of the property and is $101,244.20 plus GST per annum with annual rent increases due 1st July each year. If the rent increases at the now 4% per year 20 years on the rent will be $206,471 per year at year end of lease. The tenant pays all maintenance, insurance and rates.