2 Tindale Street, MANDURAH WA 6210
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- Industrial / Warehouse
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- 1 Feb 2017
SUPER VALUE at under $1000/m2 of building.
LARGE 1080M2 FREEHOLD INVESTMENT
This property is probably the cheapest commercial building on a $/m2 basis in the whole of Mandurah.
Priced at under $1000/m2 this property of 8 units is situated on a valuable 2226m2 corner site, facing Tindale Road and Gibla Street. The huge frontage to Gibla Street has the advantage that nearly every unit has a street frontage and access.
The property has two existing tenants have been there for well over 15 years and both occupy 3 units each, one for 618m2 and the other 253m2, thus providing steady occupancy over the years.
They have been long term tenancies, their rents are very conservative at under $62/m2 for a total passing net income of approx $47,500 net. This will pay the greater part of any mortgage and you can rent or use the balance of space.
Based on being able to lease out the remaining tenancies at say $500 net per month for the vacant 59.4m2 office unit ($101/m2) and say $800 per month for the vacant 147.9m2 workshop (approximately $78/m2) then the net notional rents will be in the order of $63,000 net per annum when fully leased i.e. much better return than bank interest rates.
It isn't a pretty building but as the tenants have said it is a very functional sturdy (concrete and brick) construction and gives easy access to all 8 units. Plus there is good parking available.
It's well worth a look and at under $1000/m2 of building, you won't buy greater value.
The GST can be done on a going concern basis.
Contact Peter Vetten on 0403 58 4466 your Commercial Specialist with Local Knowledge & National Strength.
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
2 Tindale Street MANDURAH