This purchase would present a great opportunity to acquire a prime site in a brilliant location in the Jull street mall two doors down from the pedestrian entrance to the Armadale Shopping Centre .
Located in a vibrant part of the Armadale City Centre the site suits retail operations, strategic offices, medical centre as well eateries. There is enormous potential for all these given its proximity to amenities such as the Shopping Centres and the Armadale Train Station.
The property is ripe for redevelopment but also has excellent holding income (possible over $41000pa) so it may also suit investors who would prefer to hold.
There is 483m2 of land area that has BUILDING and CAR PARKING bonus's available. The site is currently zoned Strategic Regional Centre and you will need to refer to the Metropolitan Redevelopment Authority and City of Armadale for information on specific development opportunities.
The current Building on the property is approx 150m2 and is broken into three (3) tenancies as follows;
Unit 1 (41m2) Leased Until 12/5/2021 @ $13090 pa plus outgoings
Unit 2 (31m2) Leased periodically @ $8130 pa plus outgoings
Unit 3 (80m2) Vacant but previously leased at $20500 pa plus outgoings
Fully leased the property income could be around $41000 per annum which is across the 3 tenancies providing a return of around 6 % for the investor and great holding income for the developer.
The vacant unit (3) is currently partially fitted out as a cafe/restaurant.
This is a great opportunity at a great price for a boutique development.
Take advantage now contact Mike Dunsmore 0413 754 110 to discuss.
