There is some perverse appeal in getting $20,000 a fortnight from Centrelink. And it is set to happen for whoever buys the Fremantle building rented by the Federal Government body. A Burgess Rawson sales team including Rick Jacobson is auctioning the building — located at Queen Victoria Street — on May 11, at Crown Casino in Victoria. Centrelink has a lease on the building until 2027, with options until 2035. The property sits on four lots and includes a total of 926sqm. The lease includes fixed 3.5 per cent annual increases, and the tenant pays all the usual outgoings, including land tax and management fees. The net rent is $546,336 a year, plus GST. By 2026, it will be closer to $627,000 a year. Centrelink currently administers the delivery of more than $45 billion in community payments, so we are quite certain it will be able to come up with the rent.

Perth West Australian