Business Daily Media

Men's Weekly

.

Ultima United Limited enters into a binding letter of intent -- Master Lease of Cannington Project-PR Newswire APAC

  • Written by PR Newswire
Ultima United Limited enters into a binding letter of intent -- Master Lease of Cannington Project-PR Newswire APAC

PERTH, Australia, Aug. 20, 2020 /PRNewswire/ -- Ultima United Limited (ASX: UUL) (Company) is pleased to announced that it has signed a binding letter of intent (dated 14 August 2020) to enter into a 2 (two) year master lease agreement for all 10 (ten) units at 3 Oak Street, Cannington with Rhinox Steel Pte Ltd, a Singapore-based Company (the "Master Lease Agreement").

When entered into, the Master Lease Agreement will provide AU$7,800 (seven thousand eight hundred Australian dollars) weekly rental income for the 10 units at 3 Oak Street, Cannington, representing a significant increase from the current total weekly rental income of AU$3,830 (three thousand eight hundred and thirty Australian dollars) which the Company is receiving from individual  leases.

The Master Lease Agreement will also see the Company collect 20 (twenty) weeks' rental in advance to the amount AU$156,000 (one hundred and fifty-six thousand Australian dollars) upon the execution of the formal lease agreement. The Master Lease Agreement does not represent a change in the Company's intentions to continue with the sales efforts of the Cannington units. Contrary to that, the Board believes that this arrangement will increase the marketability of the units by being able to be sold to investors as high-yield leased apartments as well as maximising the current value of the apartments by raising its rental yields.

Rhinox Steel Pte Ltd has been given a 28 day exclusivity period to prepare all necessary documentation.

Logo - https://photos.prnasia.com/prnh/20200819/2889595-1logo?lang=0[1]

Read more https://www.prnasia.com/story/archive/3096256_AE96256_0

Manny Shah: Is your business disappearing from Google? You’re not alone

Small business owners across Australia are panicking as their websites vanish from Google’s front pages overnight. According to Manny Shah, cofounde...

MR Roads named Queensland Finalist in the 2025 Telstra Best of Business Awards

MR Roads, co-founded by Daniel Mikus and James Rolph, has been announced as a Queensland finalist in the prestigious 2025 Telstra Best of Business...

AWS research shows strong AI adoption momentum in Australia, with startups outpacing large enterprises in innovation

Amazon Web Services (AWS), an Amazon.com company, released new research revealing that while artificial intelligence (AI) adoption continues to acce...

Changing the World One Bite At a Time: IKU Turns 40

One of Australia’s first plant-based, chef-led eateries and now ready meal provider IKU is celebrating its 40 year anniversary with the business e...

Three generations marking 45 years in hot-air balloons

Australia’s leading hot-air balloon company is celebrating 45 years in the sky and its 700,000th passenger, driven by the passion of father-son du...

Workplace DMs, Reinvented: Deputy Messaging, Purpose-Built For Shift-Based Teams

Deputy, the global people platform for shift-based businesses, has launched Deputy Messaging, a fully integrated, real-time communication tool designe...

Sell by LayBy