This single-tenancy retail property, occupied by long-term tenant Athena Shoes, is being brought to market for the first time in a generation. Situated in the vibrant commercial hub of Taradale, this offering presents a rare investment opportunity with solid returns and future potential.
The property, built in 1970 and extended at the rear in 1989, offers a net lettable area of 222.9m². The space features an expansive, open-plan retail floor, with a partitioned storeroom and staff amenities at the back. Its fully glazed frontage ensures excellent visibility, while the central location on Gloucester Street guarantees high foot traffic and customer exposure.
Access is provided both from Gloucester Street at the front and Symons Lane at the rear, enhancing the functionality of the premises for both customers and logistics. A recently renewed lease is in place, starting 1st June 2024, with a three-year term. The lease includes annual rent increases of $2,500, delivering predictable and stable income growth over the next two years of the initial term, offering investors peace of mind.
This well-positioned retail property, with its dependable tenant and proven track record, represents a strong investment in a sought-after location.
For sale by Deadline Private Treaty closing 3pm Wednesday, 23 October 2024 (unless sold prior).
Features:
* Stratum in Freehold title
* Land area 242m²
* New three year lease
* Net return $28,461
