142 Princes Street was built on Bell Hill that was a rock outcrop, quarried in the early 1860's creating a great platform to build on and the surplus rock was used to extend the wharf area of the new harbour. The building is located on the corner of Dowling Street and Princes Street and was part of The Fraley Buildings that go from 142 along the street to the Disc Den at 118 Princes Street.
Today the building still stands proud and is offered for sale "As A Rock Solid Investment". Since 2020 there has been a barbershop on the ground floor corner, for the balance of the building the XYZ Club (since 2019) has two bars with six private function rooms, commercial kitchen that has a Club Style atmosphere. The photos will explain. These tenancies generate a net income of $46,388.00 + GST (net) to the owner.
• Farley's Buildings were erected between July and November1863. Nearly 162 years ago.
• High profile location
• An affordable entry point investment Property
• First and second floor are ideal as apartment development
• Earthquake status is 50% NBS, Grade C and is not earthquake prone
• Total floor area is 391m2 over three levels
• Ground floor 158m2 - first floor 158m2 - 2nd floor 75m2
• Current holding income of $46,388 net p.a.
Contact Jim today for an inspections or the Information Memorandum.
