Located on Willoughby Road the heart of the Crows Nest retail strip and surrounded by the likes of the thriving Coco Cubano, Grilled, Thomas Dux Grocery Store, Bakers Delight, BWS, Westpac, St George and NAB to name a few, this prime freehold land is an offering that can't be matched.
58 Willoughby Road is a mixed use freehold building consisting of an efficient ground floor retail space, a first floor office and a 2 bedroom residential tenancy with parking and balconies. Currently all tenancies within the building are occupied and due to the position and quality are desirable prospects in themselves.
The ground floor Shop is currently leased to Wok Thai whom have occupied the space for a 5 year term, the first term of the lease expires on the 31st of September 2013. There is a 5 year option attached to the lease however the shop is available to an astute incoming tenant that is looking to support its brand image with this prestigious location and large frontage which is in excess of 5m. With access to grease trap, exhaust, rear lane access with a loading dock and an undercover car space this shop is as versatile as they come and as a result will be sure to lease quickly.
The first floor office space is currently leased out to a longstanding tenant and benefits from its own kitchenette and bathroom amenities. The office space is located within close proximity to all financial amenities, transport and has great parking options being within close proximity to two council car parks.
The remaining tenancy is a 2 bedroom residential apartment which is always highly sought after. The unit is split over two level with the 1st floor consisting of a large living area which has access to a balcony, a kitchen, a laundry and a bathroom. The upper floor has a master bedroom leading onto a separate balcony, a second bedroom and a bathroom which makes for luxurious living. The unit also has access to a car space and additional storage. A brand new 12 month lease has just been signed within a week of the property being vacant, not to mention at an increased rental.
There is the ability for a retail owner occupier to purchase the freehold property and operate their business from the shop and collect income from the office and residential tenancy.
Below is a breakdown of the Investment figures:
Gross Estimated Rent: $167,852.41 + GST (where applicable)
Water Rates: $7,181.00 pa *
Council Rates: $4,746.46 pa
Land Tax single holding basis: $3,676.00 pa
Estimated Outgoings: $15,603.46 pa
Estimated Net Income: $152,248.95 + GST (where applicable)
Demonstrating a yield of 5.9% Net on the passing income this prospect makes for an attractive opportunity considering the quality of the property and prime location that the freehold possesses.
Please enquire within in order to receive further information on either a sale or a lease or to arrange an inspection.
* The Water rates are based on the Sydney water bill for the last quarter and are annualised.
* The above figures provided are estimates and parties are to rely on their own investigations in relation to the figures.
