Unit 2/7 Bottrill Street, COWARAMUP WA 6284
$679,000 as a Going Concern GST Free
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- Industrial / Warehouse
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- 8 Nov 2016
CAFE & APARTMENT- LEASED & RETURNING APPROX. 6% PA
Built in 2008 this modern and appealing cafe & apartment located in the heart of the Cowaramup town provides an ideal investment opportunity with an income of approx. $41,200 pa net.
The premises consists of a two level rendered brick and zincalume clad building with a zincalume iron roof and includes a ground floor cafe and first floor apartment with floor areas of:
* Cafe approx. 128sqm plus alfresco deck of approx. 32sqm
* Apartment approx. 90sqm plus balconies of approx. 10sqm
The layout in the cafe includes a cafe dining area, servery counter, coffee counter/work area, commercial kitchen, three WC's (including one disabled) and stairs to the first floor apartment. The interior finish is very appealing and features polished Marri (Redgum) floor boards, open fire place, high vaulted ceilings with down lights, picture rails and a reverse cycle split system air-conditioner. The western elevation of the cafe has a full glass wall with aluminium stacking doors which provide access to the alfresco deck/dining area.
The accommodation within the apartment provides two bedrooms (both with built-in robes), open plan living and dining room and separate kitchen. The bathroom and laundry are combined in one room and provide a shower, WC & laundry trough. There are two small balconies, one on the western elevation which is accessed from the dining room and the other on the southern elevation accessed from bedroom number 1.
The internal finish within the apartment is also very appealing and features polished Marri (Redgum) floor boards, high ceilings, load of natural light, modern well equipped kitchen and tiled bathroom/laundry.
On-site parking for four (4) vehicles is provided. These are located within the setback from Bottrill Street, accessed via a bitumen paved crossover and driveway and include a disabled bay. Additional parking is also available on Bottrill Street.
The property is located within the Shire of Augusta Margaret River and within the main commercial area of the town of Cowaramup, which is about 12km north of the Margaret River Town Centre.
The town site of Cowaramup was gazetted in 1925, originally to support the timber and dairy industries in the surrounding area. The name is believed to be derived from Aboriginal word Cowara, meaning purple-crowned lorikeet. Locals from the region often refer to the town as "Cowtown", a reference to the use of "cow" in the town's name and its history of dairy farming. More recently Cowaramup has become a service centre for the surrounding residential areas, vineyards and tourism in the broader Capes Region.
The town centre provides a range of strip type shopping and business premises located either side of the highway, which is the main traffic route between Busselton in the north and Margaret River and Augusta in the south. Cowaramup also provides a Primary School, Post Office, Service Station and recreational facilities.
Bottrill Street is a more tourist orientated location within town and ideally suits the businesses located there which include the Margaret River Regional Wine Centre, Candy Cow and Margaret Riviera; a gourmet food store. Bottrill Street also provides patrons with easier access and parking and a more casual atmosphere compared to the Highway.
The cafe & apartment are currently leased to one party until 31st July 2018 and the lease terms are summarised as follows:
Rent: Cafe - $2,600 pcm (Plus GST & VOG) = $31,200 pa (net)
Apartment - $250 per week = $13,000 pa (gross)
Outgoings: Approx. $457 pcm (excl GST) = $5,484 pa (cafe only)
Rent Reviews: Annually to a market rent
This appealing property provides an ideal opportunity for a local investor or self-managed superannuation fund to secure an investment that provides a return of approx. 6% net on the asking price and the flexibility to take over the operation of the cafe and live in the apartment when the lease expires.
Contact South West Real Estate Agents Ray Stocker 0418 932 746 or Raelene Stocker 0408 908 665 for further information.
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
Unit 2/7 Bottrill Street COWARAMUP