Discover 74-76 Norman St in the heart of Gordonvale an exceptional investment opportunity that offers both a vibrant lifestyle and a lucrative income. This federation-style commercial property has been recently restored to maintain its heritage charm while providing endless possibilities for the future.
This property is only a stone's throw away from trendy cafes, boutique shops, a sports club, medical centre, IGA supermarket, post office, kids' playground, and other amenities. Nearby are three primary schools, a high school, and a Woolworths within 2km. Easy access to leisure opportunities in Cairns and Far North Queensland.
Stunning Views and Prime Location:
74-76 Norman St features expansive balconies with breathtaking views of Pyramid Mountain, Gillies Range, and Norman Park. Overlooking Norman Park, it's central to local events like the Great Pyramid Race and Gordonvale Cottage Markets.
Renovated Retail Shops:
Ground floor hosts newly renovated spaces leased to a café, hairdresser, and beautician. Features include high ceilings, downlights, split system air-conditioning, modern kitchenettes, and contemporary flooring, ideal for business operations. The café includes a commercial-grade kitchen.
Comfortable Living Spaces:
Upstairs, a spacious four-bedroom apartment offers comfort. Three bedrooms open onto the Norman Park balcony. Highlights include a private entrance, high ceilings with downlights, split system air-conditioning, an open-plan kitchen/living area with a skylight, and a master bedroom with a walk-in robe. Expansive balconies maximize natural light and breezeways for comfort.
'Granny Flat':
A detached two-bedroom, two-bathroom 'granny flat' offers flexibility with a private entrance, fenced outdoor space, modern kitchen, double garage, and wheelchair accessibility.
Additional Amenities:
Enjoy the fenced inground swimming pool with a stunning slate stone pool deck. Potential for a future BBQ area or outdoor entertainment space.
Investment Income:
74-76 Norman St currently generates a gross lease income of $94,137 per annum, exclusive of GST, achieving more than 7% ROI after operating costs.
Residence 1 (210m²): $26,000 per annum (Lease expiry March 2025)
Residence 2 (164m²): $20,800 per annum (Lease expiry February 2025)
Shop 1 (68m²): $24,000 + GST per annum (Lease expiry January 2027)
Shop 2 (39m²): $11,897 + GST per annum (Lease expiry February 2026)
Shop 3 (36m²): $11,440 + GST per annum (Lease expiry April 2027)
