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27 Skinner Street
South Grafton NSW 2460
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Sold on 24 Sep 2020

27 Skinner Street South Grafton NSW 2460

  • Shop & Retail
  • 292 m²
  • Sold, $530,000

"LANES CHEMIST BUILDING" c. 1923

- Two residential tenants, two commercial tenants
- Vacant land at rear with access for future development
- Potential 9.7% Gross Annual Return

Like so many commercial buildings in South Grafton, 27 Skinner St is rich in history.

Originally built c. 1923 by local builders Strauss & Son, the original proprietor was J.C. Lane a local chemist who later went onto become Mayor of South Grafton from 1942 - 1950.

When it was built it would have been quite cutting-edge, as its architect F.J. Board of Lismore had not worked much in Grafton, and local historical documents explain "This building is architecturally significant for its well proportioned symmetrical facade and carefully executed cement render bands and mouldings which have a strong Art Nouveau motif. This is a unique building type for Grafton derived from late Edwardian predilections."

Today it is arranged over two storeys with four tenancies - two residential, two commercial. The current total return is $1005.50 per week ($192.50 per week from the Saddlery, $193 per week from the Hairdresser, $310 per week from the upstairs flat and $310 per week from the downstairs flat) allows for a 9.7% annual return on outlay. In fact if you do some back-of-envelope maths you see that $1005.50 per week is over $52,000 and that minus Council rates ($3200) and building insurance ($3700) you will clear around $45,000 which shows a net return of approx 8.5% per annum on current rental rates.

In addition to the four tenancies and the $1,000-odd per week they generate, there is a generous amount of vacant land at the rear accessed by Through Lane which could be developed further with storage sheds (or anything else allowed in the B3-Commercial Core zoning).

The residential spaces in the building have been recently renovated or improved in many ways and offer high ceilings and big rooms. There are two old garages for the flats and plenty of backyard space.

Whats the catch? It seems too good to be true! Yes it does. Obviously with a nearly century year old building there will be ongoing maintenance and upkeep - and McKimm's Real Estate can provide all interested parties with a full written building & pest report to quantify any works needed. That said the simple fact that you have four tenancies, vacant land to develop and a building primarily made of brick means this is a superb investment.

Please note: Owner happy to deal in crypto-currency to approved clients.

Contact agents for more information today.

Address27 Skinner Street South Grafton NSW 2460
ZoningB3 Commercial Core
CouncilCLARENCE VALLEY COUNCIL
We try our best to keep zoning info up to date but can never guarantee it's accurate or complete. Check directly with the relevant council to verify any zoning information.
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McKimm Real Estate Pty Ltd
98 Fitzroy Street
Grafton, NSW 2460

Property Highlights

Date Sold24 Sep 2020
Sold Price$530,000
Floor Area292 m²
Land Area1,063 m²
Parking4 x Onsite parkings
Property ID2015215103
Category
Last updated  24 Sep 2020
Map for 27 Skinner Street South Grafton NSW 2460

Nearest transport* to 27 Skinner Street South Grafton NSW 2460

Bus
Train
Through St Before Skinner St76 m
Through St Opp Skinner St95 m
Spring St At Zuber Lane144 m
Through St At Wharf St186 m
This data is © 2024 Transport for NSW, licenced under CC BY 4.0.
*Within a 4km radius
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McKimm Real Estate Pty Ltd
98 Fitzroy Street
Grafton, NSW 2460

Property Highlights

Date Sold24 Sep 2020
Sold Price$530,000
Floor Area292 m²
Land Area1,063 m²
Parking4 x Onsite parkings
Property ID2015215103
Category
Last updated  24 Sep 2020

Listed by

Angus McKimm
Angus McKimm
McKimm Real Estate Pty Ltd
Call
0438425176

More about 27 Skinner Street South Grafton NSW 2460

27 Skinner Street South Grafton NSW 2460 is categorized as Shop & Retail Property. It has a floor area of 292 m² and a land area of 1,063 m². There are 4 x onsite parkings.The listing ID for this property is 2015215103.

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