Discover an exceptional opportunity at 25 Devon Street East, located centrally in the vibrant heart of New Plymouth. This prime, mixed-use property boasts a strategic position on the hill, an area renowned for its appeal to retail tenants. With surrounded businesses such as BNZ, Guize Fashions, Footloose, and Vero, this property benefits not only from significant foot traffic but also from the commercial prestige associated with its neighbours.
As you step inside this well-maintained building, you are greeted by a quality retail space on the ground floor, currently occupied by a reliable retail tenant providing a steady stream of income.
The shop frontage provides ample visibility and access for customers, with an open plan shop interior that is modern and welcoming.
Additionally, the first-floor houses three well-appointed residential apartments, all of which are tenanted. The apartments boast a clean, contemporary design with neutral colour palate and modern fixtures and fittings. In addition, the north facing apartment opens to its own sunny deck and offers generous floor plan providing the perfect opportunity for owner occupation.
This unique setup caters to both investors and those seeking a multifaceted property, allowing for a diverse income stream.
The property provides both practicality and convenience, featuring on-site parking for up to six vehicles for tenants - an invaluable asset in a bustling central location. It also boasts an impressive seismic rating exceeding 70%, providing peace of mind and security for investors and tenants alike. The building has been meticulously maintained, with all major items regularly serviced and updated, reflecting a commitment to quality and longevity.
Moreover, the residential apartments have recently undergone a market appraisal, showcasing great potential for income growth, with a collective potential rental income of approximately $75,000 per annum. Coupled with the current lease of $50,000 per annum on the ground floor, this property generates a robust total income for investors looking for a sound investment opportunity.
Don't miss your chance to secure this promising property that offers not just stability but also significant financial potential. Whether you're a seasoned investor or a newcomer to the real estate market, 25 Devon Street East presents a rare opportunity to capitalise on a strategic location with diverse revenue streams.
Contact us today to learn more and arrange a viewing. Your next successful investment could be just a phone call away!
Price by negotiation.
