Outstanding investment opportunity for your portfolio or Self-Managed Super Fund.
Comprising two lots on a single title, a total of approximately 1,456m2 of Green Title land in the City of Vincent on the northern side of the Perth CBD. Just 125 metres from the picturesque and popular Hyde Park and some 1300 metres from the Perth CBD proper.
Buildings include retail shops and a warehouse. 10 tenancies, of which 9 are leased and 1 is vacant. The tenanted spaces consist of 1,248 m2 (approximately) of lettable area,
Current lessees include restaurants, bakery, coffee shops and a Martial Arts gymnasium.
The property boasts frontage to three streets: Bulwer Street (36.2m frontage) , Lake Street (40.1m frontage) and Edith Street (36.2m frontage). Additionally, the property borders a laneway that extends from Edith Street to Bulwer Street. All measurements mentioned are approximate.
A well-managed property under professional management and generating approximately $297,000 gross rental income, with the potential for more once the last vacant tenancy is filled. Tenants pay outgoings.
Re-development potential.
Currently, the site is developed as single level buildings across the whole site. The potential to redevelop and take advantage of the 4-storey height limit means that this site is a prized acquisition.
There are no heritage restrictions on this property. The City of Vincent will likely request retention of the facade to Bulwer Street as a condition of any redevelopment.
Zoning: City of Vincent "Local Centre"
Building height limit: 4 storeys.
Mixed Use area. The site may be redeveloped with commercial on the ground floor and upper floors can be residential and/or commercial - subject to confirmation and approval by local government and State planning authorities. Buyers are invited to discuss the property with planners at City of Vincent to confirm the zoning and development possibilities before entering into a contract.
The Bulwer Plaza is embossed with the build date "1923" in the front facade. This is pre-Art Deco and the architectural style is described as "Cape Dutch Style" shops.
An income generating property with prospects for capital growth. The Bulwer Plaza represents a unique opportunity to acquire a landmark corner site with undeniable investment qualities.
Selling Agent: Gary Angel 0427 746 700
Selling Agent: Les Biggerstaff 0416 143 479
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