'Norwich Chambers' is a charming, well maintained two-storey red brick building situated in the heart of Murray Street (Princes Highway), Colac. Built in 1907 for Charles Johnstone as an insurance office, the building is noted as an important example of a conservatively designed Federation Romanesque style single fronted commercial building.
The ground floor has been the long-term home for a travel agency, and currently operates as Hello World travel, Australia's largest network of franchised travel agents. The travel business has operated from the building for more than 28 years. In February 2023 a new five-year net lease was signed, with three further five-year terms, demonstrating a long-term commitment to this premium location.
On the second floor is beautifully presented apartment, offering two bedrooms, and two bathrooms plus an office. A large living and dining area is adjacent to a modern, well-appointed kitchen with electric appliances, dishwasher and huge pantry. The main bedroom has a large ensuite bathroom with spa, and there is a second smaller bathroom and European laundry. The office space would also double as a third bedroom if required. A large rear deck provides an outdoor entertaining area. The apartment is fully furnished and currently let at $450 per week. The apartment offer flexibility, as it has previously been operated as Airbnb, short term stay accommodation and has also been occupied by the vendor.
'Norwich Chambers' has rear lane access, with carparks onsite. It will provide an astute investor with a secure income of $57,231.85 per annum (+GST), with the security of annual CPI increases (applicable to commercial lease). The property will be eligible to benefit from the regional stamp duty concession of 50% currently available.
