46 Mount Street,
Burnie, TAS 7320
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Reece House, Burnie, Tasmania: Office Investment, with Upside. Net Return: 12% or $1,000 psqm
“Reece House” is a multi-level office building, comprising basement carpark, ground floor retail and 5 upper levels of office accommodation.
The building was developed in 1975 and sections of the premises have been progressively refurbished over the past 10 years.
The property has a net lettable area of approximately 3,629 square metres, based on the current configuration, and 20 basement carparks.
The property is located on the north-west side of Mount and Cattley Streets in Burnie, adjacent to the main CBD retail area.
Burnie is a major commercial centre on the North West coast of Tasmania, with a population of over 20,000 people in the greater Burnie area.
The building is offered for sale 75% occupied, with an average lease expiry of around 3 years.
The current gross passing income is approximately $767,500 per annum and after deducting outgoings, a net income of approximately $463,000 per annum, is produced.
Through leasing the vacant areas, there is an opportunity to substantially increase the return.
The property is offered for sale by private treaty, with an asking price of $3,800,000.
The purchase of the property at this price provides a very attractive passing return just over 12%, around $1,000 psqm, with the opportunity to substantially increase the return through leasing the vacant space.
For more information and to organise an inspection please call the selling agents:
Edwards Windsor
Tim Johnstone
Knight Frank
Nicholas Bond
The building was developed in 1975 and sections of the premises have been progressively refurbished over the past 10 years.
The property has a net lettable area of approximately 3,629 square metres, based on the current configuration, and 20 basement carparks.
The property is located on the north-west side of Mount and Cattley Streets in Burnie, adjacent to the main CBD retail area.
Burnie is a major commercial centre on the North West coast of Tasmania, with a population of over 20,000 people in the greater Burnie area.
The building is offered for sale 75% occupied, with an average lease expiry of around 3 years.
The current gross passing income is approximately $767,500 per annum and after deducting outgoings, a net income of approximately $463,000 per annum, is produced.
Through leasing the vacant areas, there is an opportunity to substantially increase the return.
The property is offered for sale by private treaty, with an asking price of $3,800,000.
The purchase of the property at this price provides a very attractive passing return just over 12%, around $1,000 psqm, with the opportunity to substantially increase the return through leasing the vacant space.
For more information and to organise an inspection please call the selling agents:
Edwards Windsor
Tim Johnstone
Knight Frank
Nicholas Bond
Property ID: 502848686Last Updated: 2 Dec 2019
03 6234 55...
46 Mount Street
Burnie, TAS 7320
Edwards Windsor - HobartLevel 2, 89 Brisbane Street
HOBART, TAS 7000
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