This outstanding asset is situated in the very heart of the Brisbane Street Mall, Launceston's premium retail and commercial precinct. The property has an extremely stable letting history occupied by jewellery giant Prouds since 1965 with their current lease term running through to 2024.
Providing a secure income stream in the shorter term, the options longer term are numerous. The property's DNA and location are sure to afford purchasers with an extremely bright future.
Investors will be in a strong position to determine the lease renewal terms with the sitting tenant or reposition the asset for equity appreciation. Owner-occupiers can capitalise on this rare opportunity to establish a company owned flagship presence on Launceston's strongest trading strip.
Clear development potential exists for a vertical extension of 128 Brisbane Street up off the solid 1960's construction along with the ability to split the property into multiple tenancies capitalising on the dual fronted property with 11m frontage to the Mall and 18m frontage to rear car park.
128 Brisbane Street - key investment highlights include:
- Prominent central Brisbane St Mall position
- Dual frontages with 553m2 title area
- Substantial 786m2 gross building area
- Generous circa 300m2 floor plate on-grade with Mall plus 174m2 potential retail platform area
- High ceilings, superb fit-out and finishes
- Distinctive rear warehouse, potential residential conversion
- Below market rent, blended at $250/m2 pa
- Current net return $195,824pa (excl. GST)
128 Brisbane Street represents a rare opportunity offering most segments of the market a quality asset with a clear path for appreciation in the future through natural growth and development upside.
