A versatile retail and office building in Hampstead Gardens offers the opportunity to invest now, occupy, or develop in the future in a high-exposure location.
McGees Property’s Yee Ng is marketing 321 North East Road, Hampstead Gardens, on behalf of a private owner.
The property is for sale via public auction on Friday, 27 September at 11am, with in excess of $850,000 expected.
The retail and office building of 346sqm is on a 715sqm site with on-site parking and zoned Employment, in a high-profile location with average passing daily traffic of 42,800 vehicles.
Shop 1, measuring 134sqm, is leased to Yumms Restaurant under a five-year agreement from December 2021, with an option to extend for an additional five years. Shop 2 (134sqm) and Shop 3 (78sqm) have been tenanted since 2014, with their respective leases set to expire at the end of February 2025.
Total gross return is $48,177 per annum plus GST.
“This is an excellent opportunity for investors, with significant potential for rental uplift in the near-term, and development potential in the future.
“Occupiers can in the near-term move their business into a high-profile location, and immediately enjoy a secure income stream from a popular tenant.”
The Employment zoning allows for a range of uses at the property, from a shop, store, service trade premises, office, consulting room, to training facility, warehouse, and light industry, amongst others.
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