Iconic Newcastle Opportunity
COMMERCIAL & RESIDENTIAL PROPERTY
Location
The property is located on the corner of Scott and Telford Street in the suburb of Newcastle, right in the heart of Newcastle CBD, cafs, restaurants, shopping mall, harbour foreshore and local beaches. Surrounding development comprises a mixture of double storey terrace houses, high rise apartment blocks and multiple cafes and restaurants
Distance to (approx); Newcastle Beach 300m, Harbour Foreshore 300m, Start of Hunter St 200m, 2.7 kilometre east of... [More]
Iconic Newcastle Opportunity
COMMERCIAL & RESIDENTIAL PROPERTY
Location
The property is located on the corner of Scott and Telford Street in the suburb of Newcastle, right in the heart of Newcastle CBD, cafs, restaurants, shopping mall, harbour foreshore and local beaches. Surrounding development comprises a mixture of double storey terrace houses, high rise apartment blocks and multiple cafes and restaurants
Distance to (approx); Newcastle Beach 300m, Harbour Foreshore 300m, Start of Hunter St 200m, 2.7 kilometre east of the newly proposed Wickham transport terminal.
Description
Erected on the site is a two storey brick building with basement, and has a mixed commercial and residential use.
Ground floor and basement areas is currently leased to a craft beer establishment operating as The Grain Store'. The restaurant is fitted out with a commercial kitchen, cool room, separate male and female amenities, office and air conditioning. The basement is currently fitted with storage/cool room. (Fitout of restaurant is predominantly owned by the tenant).
The first floor is a 3 bedroom apartment with additional rooms in the mezzanine level. The apartment is very large, with high ceilings and a "New York Loft Style" feel. The apartment has one bathroom and functional kitchen. The apartment was previously leased for residential use, but has been left vacant during the sale process.
The property also has a double lock up garage and rear court yard area.
Development Approvals and Potential
The property was approved for a conversion into 6 by 3 bedroom apartments by Newcastle City Council in 2004. This approval lapsed in 2009.
This does give some indication as to what possibilities may be achieved in the longer term for this property, subject to Council approval.
Potential Repairs
The property owner acknowledges that the asbestos roof requires rectification or replacement. Also the residential apartment is unrenovated and may require some upgrading.
Income :
The property has a potential net rental income of $142,420 pa + GST. (approx)
The Ground floor, basement and car parking is leased to a business operating as 'The Grain Store' restaurant.
Leased until 14/3/23 plus a 5 year option. Current rent $ 121,668 pa + GST and plus part Outgoings. (Approx)
The 1st floor apartment, was recently returning $950pw. This property has been left vacant for inspection purposes.
Please contact Agent for Property Report & Inspections.
Auction: Thursday 26th February 2015 at 11:00am
Venue: Chifley Hotel, 14 Honeysuckle Drive, Newcastle
Inspect: By Appointment - Saturday morning 7th February - call agent to confirm time [Less]
