Listing #:2256449817

Multi-use Commercial Investment 11.2% return

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Location: 72 St Hill Street, City Centre, Wanganui, Manawatu / Wanganui
Property use: Developmen­t site
Floor area: 1,371m2
Land area: 1270m2
Rateable value (RV): $740,000
Price: Asking price $725,000
Multiple income sources in one outstanding location.

The entire ground floor is tenanted by the ever popular Brick House Restaurant, which includes a large kitchen, a bar, two large dining rooms, a separate event or conference room, and a small, private dining or meeting room. At the rear is a superb one bedroom apartment.

Upstairs is a large 16m x 11m dance or photography studio with adjoining Bar and kitchen. Off the foyer is a large studio currently in use for Yoga classes. Another small studio in use for piano lessons.

There is a self contained three bedroom apartment, and a self contained one bedroom studio. Each apartment has infinity hot water, LED Lighting, separate electricity meter and laundry facilities.

Underneath the building is a large cellar suitable for cool storage.

There is, according to the council parking for twelve vehicles at the property.

A quick summary on income vs outgoing.
There is $99,680 rent coming in each year, including some GST. A further contribution from tenants to OPEX of $16,374.62 plus GST. There is OPEX of $32,128.62 plus GST. Therefore the net income on this property is $83,926.00 plus some GST.
I.e there is no GST on residential leases.

All short term tenancies so vacant possession is a possibility for the new Owner.

A detailed summary is available upon request.

Agency reference #: 284HQS
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Asking price: $725,000
72 St Hill Street, City Centre, Wanganui, Manawatu / Wanganui
Asking price: $725,000
Listed: Fri 2 Aug, 1:27 pm
Tim Hocquard
LJ Hooker Pinnacle - Real Estate Associates Limited MREINZ, (Licensed: REAA 2008)
  • Contact details
  •  (027) 4827739

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Agent's details

Tim Hocquard
  •  (027) 4827739
LJ Hooker Pinnacle - Real Estate Associates Limited MREINZ, (Licensed: REAA 2008)
(09) 625 8007
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Expires: Wed 6 Nov, 4:12 pm
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