Inner City Investment with Development Potential

Sale Details

Sold on 21 May 2021

Description

POINT OF INTEREST:

A versatile standalone, city-fringe investment with potential for a future mixed-use development (STCA). Positioned in the heart of the local retail strip bordering Gilbert Road, Preston, the solid brick premises offers a ground floor retail shop of 131m2* and first floor dwelling of 100m2* . In addition to the lettable area and offering the potential for further rental income, the property offers a freestanding two car garage which is accessed via a rear laneway located off Taylor Street.

Investment Summary:
- Current Rent: $42,828.00p.a. (Plus GST) as of the 1st February 2021.
- Term: Five (5) years plus a further term of five (5) years
- Commencement Date: 1st February 2021
- Reviews: Annual 3%

Property Summary:
- Total Building Area: 231m2* plus garage of 36m2*
- Land Area: 240m2*
- Commercial 1 Zone
- Rear laneway access via Taylor Street

POINT OF VIEW:

Located 9km* from the CBD, the property is positioned within a high density residential precinct and is surrounded by an array of local businesses including IGA and Australia Post. This premier location is also well serviced by public transport with the 112 tram at its doorstep and Thornbury Train Station just 1.6km* from the site.

*Approx.
Pricing excludes GST