Canberra CBD commercial property leased to Hey Show Karaoke hits the market
Few buildings in Canberra wear their history as confidently as the Sydney Building. Its colonnades, arches and textured facade anchor the top end of Northbourne Avenue and deliver a sense of place that newer developments simply can’t replicate.
Today, that heritage charm is paired with renewed energy thanks to Verity Lane, a buzzing strip of bars and eateries that has breathed new life into the precinct.
This is the CBD at its most characterful, particularly when you add proximity to retail, bus and light rail services, and thousands of daily commuters, shoppers and tourists.
All of that adds to the appeal of this 380-square-metre commercial property, leased to Hey Show Karaoke until 2030 with a further five-year option.
It has two floors and features a high-quality fitout that includes 12 themed rooms, kitchen facilities and restrooms.
Annual net income sits at about $147,000 plus GST, with annual rent increases of three per cent.
Steven Shang of Ray White Commercial says the opportunity is likely to appeal strongly to investors.
“It’s a rare opportunity in a unique setting,” he says. “But the major appeal comes through a long-term lease that provides immediate returns.”
Shang says a further bonus is that, with a tenant already in place, the property is exempt from stamp duty
