Over the years it has witnessed many changes and today is divided into 20 tenancies. VIP Realty is the major tenant located on the corner of Kent and Bazaar Streets. There are six ground floor shops with street frontage and another 4 in an arcade.
The upstairs area consists of thirteen possible tenancies. When fully leased the property will return approx $280,000 with outgoings of approx $50,000 it will show a ROI of 11.5%. There are currently three vacancies on ground level and three vacancies upstairs. There is a 600 m2 vacant second floor that could add further to the income if a suitable use could be found and therefore push the return up around 15%
The building is in general in good condition for its age. It has an elevator that services the first floor and makes this area more accessible than other two story buildings in the City. The building is listed on a local heritage listing that does not impact in a negative way. The building is situated on a corner lot of 1595 m2
The number of tenancies certainly reduces the vacancy risk and produces regular leasing enquires!
Property Code: 1349