75-79 Bay Street,
Brighton, VIC 3186

Rarely does an opportunity arise to purchase a 14 unit, courtyard style office building boasting a secure income stream and significant development potential in Melbourne’s premier bayside suburb. Built by the Vendor family in 1983, the external fabric of the building and courtyard was refurbished in 2007. Profit from the excellent income stream whilst planning to maximise the development potential offered by a 21.57m Bay Street frontage and land area of 1,644 m2 approx.

PROPERTY ATTRIBUTES

* Comprises 14 self contained strata titled office suites (6 double storey and 8 single level);
* 20 outdoor parking spaces at rear, 2 storage units and common area amenities (not in use);
* Beautifully landscaped central courtyard providing a tranquil and relaxed working environment;
* Excellent right of way access at rear;
* Land area: 1,644 m2 (17,696 ft2) approx;
* Bay Street Frontage: 21.57 m (70.77 ft approx);
* Building area: 1,095 m2 (11,786 ft2) approx;

LOCATIONAL ATTRIBUTES

* 100 m east from intersection of New Street;
* 400 m west from the Bay Street retail and commercial precinct;

CURRENT LEASES

* Eleven (11) established Leases (Suites 11 & 14 & Suites 12 & 13 are leased respectively to a single tenant);
* One (1) periodic tenancy and one (1) vacancy as at August, 2013;
* Final lease expiry in November, 2018 if all respective lease options exercised for further terms of lease;
* Historically low vacancy rate.

INCOME & OUTGOINGS

* Rent: In the order of $310,000 per annum (excl GST & reimbursable outgoings) as at August, 2013;
* Combined City of Bayside Council Rates – FY2013: $10,300 approx;
* Combined South West Water Rates – FY2013: $9,200 approx (excl usage);
* Owners Corporation Levies payable for year ending 31st May,2014: $42,000 (excl GST);
* 2013 Land Tax: $18,457 (not recoverable from the Lessees);
* Suite 5 lease is a GROSS rental (outgoings included in rental).

ZONING
* Commercial 1 Zone under the City of Bayside Planning Scheme