PROPERTY DETAILS:
LAND AREA:
The property is a rectangular shaped lot with an area of 759 square metres and a frontage to Glyde Street of 15.1 metres, a rear frontage to Waite Lane of 15.1 metres and a depth of approximately 50.3 metres.
TITLE DETAILS:
Lot 4 on Plan 1341, Volume 1077 Folio 730
A copy of a recent Certificate of Title search is attached with this report.
ZONING:
Located within the Town of Mosman Park, the property is zoned “Business R50” under the current Town Planning Scheme.
The current Town Planning Scheme permits a maximum plot ratio of 0.8 and a maximum building height of 2 storeys. The minimum car parking requirement for administrative, commercial and professional offices is 1 space to each 40 square metres of floor area. Restaurants are required to provide 1 bay per 10 square metres of floor area and a minimum of 6 bays. Retail shops need to provide 1 bay for every 12.5 square metres of gross floor area.
LOCATION:
The property is located close to the corner of Glyde Street and Stirling Highway within the prestigious riverside suburb of Mosman Park, approximately 12 kilometres south west of the Perth CBD.
Mosman Park is a highly regarded and sought after western suburb with this property being located in the retail and commercial strip concentrated around Glyde Street and Stirling Highway.
REAR ACCESS / RIGHT OF WAY:
The property has rear access via Waite Lane, which is a significant benefit for future development and accessibility to the property.
PROPERTY IMPROVEMENTS:
The buildings on the property comprise 3 adjoining single level ‘strip shop’ building constructed from limestone footings, timber flooring, rendered brick elevations and iron clad roof.
Internally, Number 4 Glyde Street features polished timber floorboards, painted gyprock walls and plasterboard ceiling. The tenant’s shop fitout comprises a refrigerator, servery area and woodfired pizza oven.
Number 6 and 8 Glyde Street comprise mostly carpet covered floors, painted plaster brick and plasterboard walls, suspended ceiling panels. Both of these shops are utilised as showrooms for the sale of Hi-Fi and stereo equipment. These shops have been physically linked to the adjacent property, Number 12 and 14 Glyde Street by the removal of an internal dividing wall.
The buildings have an approximate total area of 134 square metres.
LEASE DETAILS:
Based on the information provided to us by the registered proprietors, the following is a summary of the current lease / tenancy details:

4 Glyde Street:
Leased as a Pizza Bar / Shop for a term of 5 years FROM 1/5/2006. The current annual rental is $11,656 net of outgoings and GST.
A copy of the lease 2nd schedule is attached with this report.
A full copy of the lease is available on request.

6 & 8 Glyde Street:
Leased on a monthly tenancy basis to Frank Prowse Hi-Fi. The current annual rental is $21,744 net of outgoings and GST.
The total rental for the property at 4 – 8 Glyde Street is $33,400 per annum net of outgoings and GST.

Outgoings for the property, as advised by the Registered Proprietor and the Town of Mosman Park is:
Water (2008): $1,101.05
Council (2008): $2,822.17
Land Tax (2008): $1,316.70

GOODS AND SERVICES TAX:
GST will apply to the sale and be payable in addition to the sale price.
SUMMARY:
This property features:
·A prime Mosman Park location close to the corner of Stirling Highway;
·Business R50 zoning which provides scope for future development;
·2 Street frontages – Glyde Street and Waite Lane;
·Existing improvements which could be leased on a short term basis to provide holding income pending future development.

The property provides a tremendous investment and development opportunity in a tightly held, blue-chip location.
Property such as this within Mosman Park do not become available often and together with the neighbouring properties of 10, 12 & 14 Glyde Street and 16 to 20 Glyde Street also being available to purchase by Auction, the 3 adjoining properties would provide an excellent commercial and residential re-development opportunity with a combined 3 street frontage at the “Gateway to Mosman Park”.

AUCTION DETAILS:
AUCTION TO BE HELD ON SITE, WEDNESDAY 8th OCTOBER 2008 AT 1.00PM

DEPOSIT:
10% OF PURCHASE PRICE AT FALL OF THE HAMMER ON AUCTION DAY

SETTLEMENT ON THE 7th NOVEMBER 2008.

CONTRACT OF SALE:
TO BE ENTERED INTO BY THE SUCCESSFUL PURCHASER
IMMEDIATELY AFTER THE FALL OF THE HAMMER

GST WILL BE PAYABLE IN ADDITION TO THE SALE PRICE

AUCTIONEER:
RON FARRIS 0411 137 788
PRINCIPAL OF RON FARRIS REAL ESTATE PTY LTD

SALES CONSULTANT:
SIMON GILL 0402 338 447
simong@rfre.com.au