41-43 Unley Road, Parkside
PROMINENTLY POSITIONED CITY FRINGE INVESTMENT HOLDING - SECURELY LEASED TO LONG-STANDING TENANT, WITH FUTURE REPURPOSING POTENTIAL (STC)
41-43 Unley Road, Parkside
- Price: Contact for price
- Auction:17th Apr 11:30AM on-site
- Location:PARKSIDE
- Car Spaces:2
- Area:448 sq metres
PROMINENTLY POSITIONED CITY FRINGE INVESTMENT HOLDING - SECURELY LEASED TO LONG-STANDING TENANT, WITH FUTURE REPURPOSING POTENTIAL (STC)
The property has been held in the same ownership for the past 50 years and is offered for definite Sale by Public Auction, on instruction of executor of the estate.
The improvements were first leased to current Tenant in 2020 and over the years have been adapted to now comprise a prominent corner retail shop with associated back of house preparation area and associated offices located in the adjoining cottage, as now interconnected.
The improvements (excluding out buildings) has a NLA of 211 sqm and the land has a total area of 448 sqm, with Unley Road frontage of 12.8m and expansive frontage to Townsend Street of 35.05m.
According to Council records, the improvements are designated as a place of local heritage by the City of Unley.
The property is securely leased for a term of 5 y + 5 y commencing 14.04.2024, at a current rent of $51,239.97 PA plus GST, and according to the lease tenant pays all outgoings, except state land tax.
A summary of that lease, together with summary of outgoings, can be provided on request.
The lease includes a redevelopment clause providing the ownership with flexibility and rights of early termination for development purposes only, and in this instance, that clause shall only apply on or after 14.04.2029.
The existing rental is conservatively set in recognition of the long-standing Tenant in place, at a current rental rate of only $240.00 PSMPA, which will provide genuine rental growth prospects as and when the opportunity arises.
The lease will be assigned at Settlement in favour of the successful purchaser and the sale itself will be treated as a going concern - GST free, and there is NIL stamp duty payable on purchase of commercial property in SA.
The property is offered by Auction on premises, Friday 17th April @ 11.30am and terms of sale will be 10% deposit payable on fall of hammer, with balance due in 60 days at Settlement.
The property will suit a passive long-term investor, land banker, intending future owner-occupier, with various value add developmental options as well.
Inspection strictly by prior arrangement.
To register your interest in this exciting city fringe investment opportunity, contact exclusive selling Agents, George Zogopoulos, 8410 6444 or 0412 824 278.
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