This well situated property of 3 x existing shops, 94, 96 & 98 Melbourne Street East Maitland is in a busy and well exposed location of town. On the edge of the highway and good access in a major thoroughfare to Morpeth Tourist Trade and local businesses with hotels, clubs, restaurants, schools, rail, bus etc.
This property has approximate area of 773m2 with rear lane access less than half of the land built on. This rear access land has had plans designed for 2 or 3 townhouses to be built, subject to Council approval. As it is, there are two tenants, one with one shop and a new lease in November, 2 + 2 year of approximately $1,350 per month. Two other shops are used by one tenant as one business on a new 5 + 5 year lease of approximately $3,900 per month. Both tenants outgoings are included in these rents, however tenants obviously pay power, water and phone. The owner only pays insurance and land rates.
The owner has spent approximately $150,000 updating, refurbishing and repairs and maintenance over the last few years, so it is in very good condition. We believe a good gross return showing approximately 7.88% at $795,000 asking price based on $63,000 income in a good location and good condition (with potential for more build) is an attractive proposition. We urge you to consider this investment opportunity in one of the fastest growing cities in NSW.
Contact the listing agent Greg Ransom on 0408 493 084.