242 Hoskins Street Temora NSW 2666
- Shop & Retail
- 600 m²
- Sold, $675,000
'Paleface Arcade' - 4.60% NET RETURN (GST EX) - BETTER THAN THE BANK!
Affectionately known as 'Paleface Arcade' by locals; the John Meagher & Co Building has an enormous presence in Hoskins Street, with anecdotes dating back to its conception in 1892.
Elaborate paraphets, windows and finials are some of the many grand features retained in 'Paleface Arcade.' The building has merged gracefully into the twenty-first century and is still a main shopping and service hub.
A profitable investment to add to your portfolio; the ground floor of 'Paleface Arcade' is fully tenanted and currently returning over $53,700 (GST EX) in incoming rent per annum - a huge 4.6% net return (GST EX) profit.
Of the 4 commercial tenants (all set to rise in accordance with CPI) 2 of them are in 3x3x3 year leases and the other 2 are shorter term. With 8 commercial spaces in total, 3 of the 4 tenants have chosen to expand their businesses and take multiple spaces. Full tenancy information and associated costs are available upon request.
Situated on an impressive 818sqm, Paleface Arcade offers direct walk through access from the busy IGA carpark to the bustling main street. Multiple off-street parking spaces at the rear are provided for the tenant's comforts, plus tidy tiled male/female/disabled amenities (for tenant and shopper use) are situated at the rear of the arcade.
Further scope for expansion is available in the 'basement' - a wonderful underground time warp; including original safe, cobblestone flooring, imposing timber pillars and quadruple-brick footings. Ripe for an artist; use as a function space; underground restaurant and more STCA (subject to council approvals.)
The 'Loft' has an impressive history - when construction was completed in 1892, a public banquet was held upstairs; with attendees such as members of the Legislative Assembly, Acting Colonial Secretary, Minister of Education, and other influential and important society members. Commercially, in a previous lifetime, the 'Loft' was a busy department store. The 'Loft' provides an impressive eastern and western outlook over the township, and is a huge blank canvas ripe for redevelopment into a residence, restaurant, gallery etc. The sheer space and size of the building allows for modern conveniences necessary to re-open such a space today, including lifts, stairwells, amenities and more.
One of the most well preserved and maintained commercial properties in Temora - a huge feat, given it is no doubt one of the oldest! A once in a lifetime opportunity to own a slice of history that will well and truly pay for itself; with further scope to add your own touches to the 'basement' and 'loft' spaces if desired.
You are purchasing the northern side of the building only. The eastern side of the building (not for sale) was an extension many years later and titles have since been split.
Asking Price: $700,000 + GST (Freehold)
Return: 4.60% NET (GST EX) - better than the bank! Full financials including ingoings and outgoings are available upon request.
Land Size: 818sqm
Legal Description: Lot 1 DP 739521