32-36 Victoria Street, ATHERTON QLD 4883
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- Offices, Other
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- 4 x Onsite parking
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- 17 Oct 2016
MIXED USE INVESTMENT WITH DEVELOPMENT UPSIDE
Colliers International (Cairns) is pleased to offer for sale by Public Auction the mixed use investment properties located within the Atherton town centre on Victoria Street. The properties are ideally positioned within easy walking distance to all of the town’s facilities including parks, primary and high schools, public pool and library, showgrounds, the hospital, restaurants and retail shopping.
Consisting of two adjoining properties providing a total land area of 3023sqm, with substantial improvements incorporating two magnificent and sympathetically restored Queenslander buildings comprising multiple tenancies with existing income.
32-34 Victoria Street represents an iconic fully restored 1930’s Queenslander, renowned as the most prestigious period home remaining in the Atherton central business district. Consisting of three independent self-contained units across the two levels the property represents a substantial income producing opportunity, with surplus land suitable for subdivision and/or further development subject to all relevant council conditions.
The two larger units offer in principle 4 rooms, 2 bathrooms, combined kitchen/dining areas, multiple living areas, and separate laundries. This said, the upper level unit features a huge high quality commercial grade fully equipped kitchen reflective of a previous use as a restaurant. The third unit represents a semi self-contained granny flat with separate living area and private balcony.
Both tenancies located on the upper level are under lease, with the current rental income of $29,120.00 pa.
The ground floor tenancy has the flexibility to operate as professional offices, which has been the primary use for the past three years with the lease having just completed on 1 October 2016 and is now vacant with the rental appraisal indicating a market rental expectation of $340.00 per week ($17,680 pa).
36 Victoria Street is also improved with a renovated (in 2015) high set Queenslander. Oozing all the Queenslander characteristics of high ceilings, leadlight windows and wrap-around balcony, the upper level provides for 4 spacious bedrooms (each with access onto the veranda), 2 modern bathrooms, a large open plan kitchen/dining area complete with new stainless steel benches and appliances, and a generous living room.
The underneath is concreted providing for a large open plan area, which is improved with a toilet and laundry, along with existing plumbing to allow for the installation of a future kitchen, as it was the seller’s intension to enclose this area at a future date to create a second independent tenancy.
This larger open plan area is currently utilised by the tenants for the storage of a boat, camper trailer, vehicles, gym/exercise area and informal entertainment area off the rear yard. Tenanted, the current rental income is $380.00 per week ($19,760 pa).
Both properties are fully fenced and require no immediate capital expenditure.
The subject properties represent a unique opportunity to secure a multi-tenanted income producing investment, encompassing a strategic landholding in a key location providing further upside through a variety of development opportunities including subdivision or redevelopment (subject to council approval).
32-34 and 36 Victoria Street, Atherton are offered for Sale by Public Auction.
While interest will be considered on the individual properties independently of each other, the sale process is designed to facilitate the sale of both adjoining properties in one line.
The Auction will be held at the Pullman Hotel, 17 Abbott Street at 11am Thursday the 3rd of November.
All property inspections are to be conducted in the company of the marketing agent, with prior notice to the tenants.
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1 Bligh street, SydneyGrade A
Building AmenitiesAvg. rent (net):$800 - $1000Avg. outgoings:$162Vacancy rate:13.5%Data from Colliers Edge.For information click hereMajor TenantsNabers energyAdditional information
- 11.00 Pullman International Hotel, 17 Abbott St, Cairns
03/11/2016 00:00:00 Add to Calendar
32-36 Victoria Street ATHERTON