With only a select area of commercial property available in this increasingly popular seaside resort, investors should sit up and take note. A wonderful opportunity exists to secure this prime property with a long term guaranteed income stream.
One of the original buildings in the town, this heritage listed property has been lovingly restored, refurbished and brought back to its original splendor. Currently operating as a restaurant downstairs with a 3 X 7 21 year lease in place, the lease is 12 months into its first 3 year term, it is returning a rental of $52,000 per annum, plus gst ,plus outgoings, plus cpi increments for each year and market value each 3 years.
The property upstairs also consists of 2 self contained 3 bedroom and 2 bedroom apartments. Tenanted and currently returning a rental of $23,400 per annum an option exists to continue, re modernize and turn into quality holiday accommodation, maximize further creating further commercial / office / retail space for long term rental.
Inspection strictly by appointment.