DEVELOPMENT SITE WITH 4 INCOMES

Okay, so I'll admit this is not the most gorgeous property in the world, but it has the look, the smell, and the feel of MONEY!! With no less than FOUR existing income streams, plus additional unused space, and awesome scope for future redevelopment, this property is certainly one for all the creative investors out there.

The front timber building is semi-detached and contains a cafe, two flats, plus an additional vacant space. There is also a stand alone brick building at the rear that we understand was the original horse stable.

CAFE (Street frontage on Adelaide Rd):
- Rent $230+GST pw
- Term 30 Sept 2019
- One 2 year RoR to 30 Sept 2021

462B (1 Bed Flat upstairs at the rear):
- Rented for $270pw (periodic)

462C (Studio Flat downstairs at the rear):
- Rented for $230pw (periodic)

STABLES (Original horse stable at the rear):
- Leased to a drumming tutor
- Rent $110+GST pw
- Term 06 December 2020
- One 3 year RoR to 06 Dec 2023

Total Rent = $830+GST (if any) pw.

EARTHQUAKE STATUS:
- Front building estimated at 10% NBS (Council IEP)
- Rear stable estimated at 14% NBS (Council IEP)
- The owners have until December 2027 to strengthen or demolish the buildings

For Sale by Deadline Sale (If Not Sold Prior)
- Closing 1:00pm, Thursday 21 June 2018
- At Lowe&Co Realty, 8 Kent Tce, Wellington

Being located in a Suburban Centre zone, this property has 100% site coverage, with drive-on access to the rear of the property via Post Office Lane, a couple of doors north on Adelaide Rd. This is a great opportunity to secure a central development site, in the heart of Berhampore shops, for future re-development, with strong holding income of $830+GST (if any) in place.