Vendor has instructed us to reduce the price to $1,445,000 plus GST if any. Now returning $124,615 PA gross plus GST, and now priced at $1,445,000 plus GST if any (an 8.6% return) this high profile stand-alone freehold character premises known as 'Duke's Building' is available for acquisition at popular Cargill's Corner, South Dunedin. The subject premises located at 144-166 Hillside Road are a rare opportunity to secure fully leased retail/office premises with eight commercial tenants in place.
Positioned on one freehold title on 422m2 (more or less) with a floor coverage of 760m2 returning an annual gross income of $124,615 PA plus GST, following a recent rent review. The premises have recently been earthquake strengthened with an engineering assessment provided showing the premises at 75% NBS. The building has been restored/repainted externally and is well maintained. This fabulous character property offers a diversity of income streams and future development options. With several new developments in the area including the Kiwi Rail Hillside Workshops and Dunedin City Council's new library development on King Edward Street, this area is fast becoming a popular destination for shoppers and a community hub.
Key features
• Superb character investment opportunity on one freehold title 422m2 +/-
• Duke's Building with eight retail/office tenancies returning (gross): $124,615 PA plus GST
• Restored and refurbished, built in 1920s for W M Duke's and Sons Limited
• Zoning: Principal Centre, 2GP, Section 18, Commercial and Mixed Use
For full commercial lease details, LIM report and IEP report please contact the exclusive agents for a full information memorandum. Vendor is registered for GST.
