Clark Commercial has been exclusively appointed to sell Shop 4/240 Varsity Parade, Varsity Lakes QLD 4227. The owners instructions are clear, the asset absolutely must be sold, welcoming all purchasers to present 'Expressions of Interest' closing on Tuesday, 8th October 2024, at 4:00 PM (AEST).
This entry-level investment opportunity provides both passive and value add opportunities for the incoming purchaser. The asset features a high exposure double frontage retail tenancy on the ground floor, currently leased by the well-established and popular Havali Junction Indian Cuisine. Positioned in the heart of Varsity Lakes, a core business and commercial precinct, this property is surrounded by a high residential catchment and is only a few steps away from Bond University, one of the Gold Coast's most prestigious educational institutions.
Key Features:
• Prime Location: Ground floor position with prominent double street frontage, offering exceptional visibility and ease of access.
• Existing Income Potential: This 104m² strata title unit generates a conservative net income of $52,000* per annum, with 4% annual rent increases. The rent is currently below market rates, presenting an opportunity for income growth.
• Lease Details: The current lease has 2 years remaining as of September 2024, with 3 x 3-year options available, including provisions for market rent reviews in less than 24 months.
• Tenant Stability: The property is tenanted by a long-term, reputable operator, also running Haveli Authentic Indian Cuisine in Broadbeach since 2014.
• Alfresco Area: The tenancy benefits from an exclusive use external alfresco area of 44m2 within the building's common area (managed by the body corporate, not the Gold Coast City Council).
• Additional Income Potential: Beyond the potential to increase rent upon market review to align with the market, the asset also includes two car parks not currently used by the tenant, which can be leased to generate additional income.
This property represents an outstanding opportunity for entry-level passive investors, Self-Managed Super Funds, and those with future owner-occupier intentions. The property is available for sale via Expressions of Interest, closing on Tuesday, 8th October 2024, at 4:00 PM (AEST).
For more information or to arrange a viewing, please contact our exclusive listing agent:
Ryan Chandler
Phone: 0415 805 277
Disclaimer:
We have prepared this information to the best of our ability, ensuring accuracy and truthfulness. However, we accept no responsibility and disclaim all liability for any errors, omissions, inaccuracies, or misstatements that may occur. Prospective vendors, purchasers, and tenants should make their own inquiries to verify the information contained herein.
