SALE PRICE
$1,870,000
Excl. GST
High profile location on Ingham Rd, West End with 20000* vehicles passing daily and street to street access through to Montgomery Street.
Consisting of two mixed use zoned titles, both regular shaped totaling 4,295 m2. Three freestanding structures total 2,160 m2, mostly office space in the Ingham Rd fronting structure with generally warehousing behind apart from minor office areas for the Montgomery St fronting tenancies.
Four tenancies, all fully leased, generate a total gross income of circa $210,000 pa + GST which equates to an average of less than $100 / m2 pa gross.
Tenancy 1, 199 Ingham Rd is both office and warehousing and totals 1,000 m2* which leased to Workways Australia for $91/m2 or $90,000 pa gross + GST on a 5 year lease expiring 30/09/2020 with another 5 year option to follow.
Tenancy 2, 199 Ingham Rd is predominantly office with a small warehouse component that totals 220 m2* which is leased to Pack & Send for $169 / m2 or $36,000 pa gross + GST on a 4 year lease expiring 28/05/2022 with another 4 year option to follow
20 Montgomery St is an office / warehouse that totals 300 m2 and is leased back to the vendor for 3 years from settlement at $110 / m2 or $33,000 pa gross + GST.
22 Montgomery St is another office / warehouse that totals 640 m2* and leased to Feel Good Events & Party Hire for 2 + 2 years from settlement at $90 / m2 or $57,000 pa gross + GST.
This well located and maintained property with dual street frontages boasts highly affordable rental rates with long standing tenants that provide a total net rental of $165,000 pa and a 8.8% net return with a weighted average lease expiry of circa 2.5 years.
For more information or to arrange an inspection, please contact James Pascoe, Colliers International
