Positioned in the heart of the Devonport CBD, this fully tenanted investment property presents an opportunity for investors to secure a mix of ground floor commercial, and multiple upstairs residential tenancies.
The long term commercial tenant operates from an immaculately presented retail space, and boasts large glass frontage to Stewart Street. With a large volume of foot and vehicular traffic passing by daily, metered parking and free short-term parking is available to its immediate front.
Independently accessed at ground floor, a private entry leads to the first floor of the property into a common hallway, where three fully-furnished, tenanted residential apartments are in place. The apartments are modern and very well presented, with a private outdoor deck for the occupant of the Northern-facing apartment. Current configuration provides two single-bedroom and one two-bedroom tenancies.
While the residential occupants are currently on standard 12 month lease terms, there is potential for significant future growth by reverting to short-stay accommodation if desired. Devonport's Living City urban renewal project is well underway, with a large waterfront hotel and retail redevelopment nearing completion in the near future. With the City experiencing increased demand, the possibility to use the fully furnished apartments as short stay accommodation is appealing.
The Colorbond-clad dual level building is prominent in the streetscape, offering potential for further development to the rear of its 490sqm Title. The outdoor area is currently car parking for the site, with all tenants provided with a parking space, as well as three additional leased spaces generating income for the site.
With a total floor area of approx. 351sqm across the two levels, the building is neighboured by popular retailers, Australia Post and professional services, while also providing access to the main CBD public car park.
This is an outstanding investment option, with four tenancies in the property presenting an excellent spread of risk strategy, and the additional parking creating further revenue, with the option to develop the site (STCA). Numerous options exist to further increase return.
Annual gross income on the site is $82,716 p.a, less utilities and share of outgoings paid by Vendor for first floor.
The site is listed at offers over $1,400,000.
Please direct all enquiries to Colin Rowlands at Halliwell Property Agents.