Located in Devonport's Fourways Shopping Precinct along Devonport's busy Best Street, Halliwell Property Agents are excited to bring the 'Lauriston Arcade' to the sale market, offering an outstanding 7.4% return at list price.
The property is comprised of a walk-through arcade connecting Best Street and the major Fourways Council carpark to the rear, six lease areas (divided across the three tenancies) across two floors (two-storey western side, single-storey eastern side), and common amenities area for tenants.
Three tenancies in place with great tenure, including:
- St John Ambulance Australia (Office, Retail & Training Facility)
- Tasmanian Government (Office of The Honourable Mike Gaffney MLC)
- Muscle-Gen Supplements (Retail)
Leased across three tenancies, the site produces a net income of approx. $68,522 p.a.
NOTE: St Johns Ambulance are vacating in December 2024. This will significantly impact the total income of the property, until a new tenancy is found.
Details include:
- Constructed in 1977, with a building size of approx. 599sqm on a Title of approx. 466sqm.
- Versatile 'Central Business' zoning
- New roof recently installed to 50% of property, eliminating need for further works for substantial number of years into future
- Solid brick construction, aluminium windows and colorbond/GI roof
- Excellent main road position; appealing location
- Directly connected to major carpark
- 6 lease areas if required in future if required, creating potential for further increased returns
- Well presented ground floor tenancy areas
Contact the listing Agent, Alan Halliwell, with all enquiries or to schedule an inspection.
