The arrival of the property to the market provides a superb opportunity for investors, developers and owner occupiers alike, to acquire a seldom available, land rich freehold asset, located on Perth CBD fringe.
INVESTMENT HIGHLIGHTS
– Sizeable landholding of 2,759sqm* across 4 adjoining titles
– Functional improvements of 1,404sqm*
– Generous street frontage of 49 metres*
– Outstanding redevelopment potential
– Ability to retain existing improvements and redevelop vacant land.
– Versatile rectangular shaped, predominantly level site
– Highly flexible ‘Mixed Use R100’ zoning
– Established CBD fringe location experiencing rapid rejuvenation.
– Sought after and tightly held precinct.
– Holding income with potential of long-term tenant retention
– Superb connectivity to major transport networks
LOCATION
The property is strategically located on the doorstep the Perth CBD, approximately 1.7km from the city centre. More specifically, within Perth’s northeastern corridor, bound by Lord Street, Graham Farmer Freeway and East Parade.
DESCRIPTION
Significant landholding across four (4) adjoining lots, supporting improvements by way of a large generic older style warehouse. The improvements have a site coverage of 51%* with the remaining land being utilised as parking and hardstand.
TOWN PLANNING & ZONING
The City of Vincent notes the property as zoned ‘Mixed Use R100’ under their Local Planning Scheme No. 2. The zoning allows for a variety of approved and discretionary uses.
Proponents must make their own enquiries with relevant authorities as to permitted uses and zoning confirmation.
TENANCY DETAILS
The property is currently occupied by way of a monthly tenancy, at a passing Net rental of $76,200 p.a.*, with the Tenant paying outgoings in addition. The Tenant has expressed their desire to continue to occupy the property and are amicable to entering into a new long-term lease with a prospective Buyer.
Lease documentation will be provided upon request.
OUTGOINGS SUMMARY
Statutory and Insurance Outgoings for 2024/2025* are as follows:
Council Rates $15,074.00
Water Rates $8,160.00
Land Tax $20,066.00
Building Insurance & Landlord Public Liability $16,621.00
TOTAL $59,921.00
For more information, please contact Franco Gangemi and Wayne Mitsikas.
*Approx.
