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Leased City Investment and Development Opportunity - Devonport

Description

Located in Gunn Street, opposite the entrance to the busy K-Mart/Coles and Woolworths supermarket complex, is this well presented investment and development opportunity.

The property is situated between the CBD/Living City precinct and Fourways Shopping district, in a busy hub occupied by a mix of professional business services, retail and residential dwellings.

The existing property and carpark is leased on a long term basis to a professional, statewide surveyor, containing four offices recently redecorated and in great condition, with modern kitchen and bathroom facilities. The property is connected to a gas hot water system and has ducted gas heating and is secured by an alarm system.

The leased area is returning 6% net on purchase price with annual CPI increases, however with the remaining rear block not forming part of the tenancy, and measuring approximately 400 sqm, there exists a rare CBD development opportunity to significantly increase return.

With favourable "Central Business" zoning, development of the rear area may be office, retail or residential (including high-density) if required, STCA.

This presents an excellent opportunity for a purchaser to receive a long-term income from the leased area while developing the rear.

Listing price is $417,000. All outgoings paid by tenant.

Contact Colin Rowlands at Halliwell Property Agents for all enquiries or to schedule an inspection.

Contact

Colin Rowlands

Colin Rowlands

0418 333 394

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