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The Offer
An iconic building in a prominent location that's housed multiple successful and longstanding operations ever since its construction in the 1950s, which is currently tenanted by two successful businesses with long leases and extension plans.
The Facts
Building:
A two-storey brick and tile build with a modern commercial kitchen, dining space, toilets, and outdoor courtyard to the ground floor, and a renovated, multi-suite office space upstairs which includes a dedicated kitchen, bathroom and shower, and wide views of the CBD.
There's 499.5sqm in total land size, 319 of which is under roof space, with a brick garage to the rear that the new owner may use for storage.
Current Tenants:
Kis Creative:
A full-service digital marketing agency that's in-lease until March 2025 with a three-year option available, paying $20,478.00 per year (or $1,706.50 per month).
Teale Café:
If you haven't eaten here already, you've almost certainly heard of it. Teale is in-lease until April 2025 with two more five-year extensions available, paying $40,272 per year (or $3,356 per month) plus over 60% of outgoings.
Outgoings:
The location's modest outgoings which are paid by the Cafe tenants are listed below:
Council Rates: 60%
Water Rates: 60%
Water usage: 90%
Commercial Waste: 50%
Recycle Bins: 100%
Totals approx $7,000 per annum.
The Location:
The address on offer is in a prominent location geographically speaking situated at the bustling intersection of High Street and Lawes Street and the winning formula and continued success of the downstairs business have effectively turned the spot into a community landmark.
When the local dialogue sees the words "opposite," "next to," "past," or "just before" so often paired with "Teal Café," you know you're in a good spot. And, while a large part of this can be attributed to the success of the business, there's no discounting the fact that the earlier tenancies enjoyed the same recognition, as will all of those that follow.
The Story:
Past: Constructed in the mid-1950s following the floods of 1949 and 1955 which resulted in a relocation of the entire Maitland business area 104 Lawes Street has seen its fair share of successful businesses over the years, creating a rich, diverse history that's turned into an important part of Maitland.
The space was initially used as a hardware store and residence by its builders, the White family, up until the 1970s. From there, the ground floor was converted into an interior design shop with a plant nursery, "A Peace of Green", to the rear, while the first floor operated as a solicitor's office.
In 1996 the current owners purchased the plant nursery business, converting the vacant ground floor space into a coffee shop the next year, and then purchased the building sometime later. This coffee shop business was sold in 2000, and remains a highly regarded and well-known part of Maitland's culinary scene to this day.
A large-scale renovation took place between 2013 and 2015, during which time the solicitor moved out and was replaced with the successful digital marketing agency, Kis Creative, which remains in tenancy today.
Present: With both spaces currently tenanted until 2025 with multiple extension options available bringing in over $55,000 per annum along with the diverse opportunity provided by both location and internal fitouts, it's no wonder that the deed to the building seldom changes hands.
Future: Now that these current owners are focusing on their next chapter, the future of this iconic location is up for grabs.
Take up the reigns of this winning location and enjoy easy returns, leading capital growth, and a coveted investment, or wait until one or both tenancies run out and utilise the space to project your own grand plans into the heart of East Maitland, forging the decade's next landmark with your own creation.
With its premium location, long-running successes, and desirable spaces, there are no doubts that 104 Lawes Street has a bright future ahead the only question is whether you'll be the one to reap the rewards.
SMS 104Lawes to 0428 166 755 for a link to the online property brochure.
