$1.2m upgrade a part of the deal at historic Launceston building
A stunning and immaculately restored building in Launceston’s CBD could be one of the value buys of 2019.
The three-level property at 23 Paterson St has price expectations of more than $3 million, however the sale price is only part of the story.
Burgess Rawson agent Shaun Venables, who is marketing the property with Knight Frank’s David Webster, says the current owner spent more than $1.2 million restoring and modernising the building, with works being completed in late 2018.
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“The owners have spared no expense,” Venables says.
The property has been given $1.2 million worth of upgrades before being listed.
“The substantial upgrades have elevated the property to ‘A-grade’ standard, with a new lift, air conditioning, plumbing, wiring and a modern fit-out making it one of the most impressive commercial buildings in Launceston, both inside and out.”
The building is leased to Federal Government body the National Heavy Vehicle Regulator, as well multinational company GHD, with office space of 1000sqm and 20 car parks across a prime 1126sqm CBD site.
The Launceston property is home to the National Heavy Vehicle Regulator.
With a portion of the building available to lease or occupy, the property is estimated to return $255,000 per annum on a fully let basis. With fixed annual rent increases and significant depreciation benefits, it would suit both investors and owner occupiers.
The opportunity to acquire the property comes as Tasmania experiences remarkable growth in both its commercial and residential property markets, with the state continuing to flourish and property owners reaping the rewards.
In December a Bunnings Warehouse at Glenorchy set a national record when it sold at auction on a 3.13% yield, while a number of key properties are currently on the market.
23 Paterson St, Launceston.
“Interest in Tasmanian property has continued to grow in recent years,” Venables says.
“Tassie has bucked the trend of the mainland states and is now considered a viable and secure alternative for investors.”
The historic building at 23 Paterson St is being sold through expressions of interest, which close at 4pm on Wednesday, April 10.
