1/82 King William Street, ADELAIDE
overview
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1P0305
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Offices
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Sold
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307 sqm
Description
SECURE CBD COMMERCIAL INVESTMENT
This investment property is virtually the whole of the basement in this ornate Circa 1925 Landmark building located on the corner of King William and Grenfell Streets, Adelaide.
The property is a Community Titled allotment divided into two separate areas with well established commercial tenants.
The larger area is occupied as a fitness centre on a 3year term with a right to renew for 3 years, commencing on 01/04/2008. Rental reviews occur annually and are based on increases in the Consumer Price Index or market, at the time of renewal.
The smaller area is occupied by Quest on King William who use it as a vital service adjunct to the Hotel apartments in the building. Quest have a long term commitment to the property via a 15 year lease with a 15 year right of renewal from 05/11/2003. Rental reviews also occur annually and are based on Consumer Price Index increases with market reviews scheduled for the sixth and ninth years of the initial and renewed terms.
The current net income from the two tenancies is estimated at $41,400 per annum.
Repairs and maintenance are undertaken by the Lessees at the expense of the Lessees or are charges recoverable from the Lessees.
This property offers and excellent opportunity to enter the commercial property market in a prominent CBD location at a very affordable price level with proven tenants.
Price guide $650,000 (No GST payable).
Inspection strictly by appointment
Details: Geoff Cooney 8211 8777 or 0411 660 266
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The property is a Community Titled allotment divided into two separate areas with well established commercial tenants.
The larger area is occupied as a fitness centre on a 3year term with a right to renew for 3 years, commencing on 01/04/2008. Rental reviews occur annually and are based on increases in the Consumer Price Index or market, at the time of renewal.
The smaller area is occupied by Quest on King William who use it as a vital service adjunct to the Hotel apartments in the building. Quest have a long term commitment to the property via a 15 year lease with a 15 year right of renewal from 05/11/2003. Rental reviews also occur annually and are based on Consumer Price Index increases with market reviews scheduled for the sixth and ninth years of the initial and renewed terms.
The current net income from the two tenancies is estimated at $41,400 per annum.
Repairs and maintenance are undertaken by the Lessees at the expense of the Lessees or are charges recoverable from the Lessees.
This property offers and excellent opportunity to enter the commercial property market in a prominent CBD location at a very affordable price level with proven tenants.
Price guide $650,000 (No GST payable).
Inspection strictly by appointment
Details: Geoff Cooney 8211 8777 or 0411 660 266
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