Commercial Freehold Building

Description

Our motivated seller has authorised a massive $50 000 reduction in the asking price. Was $250 000. Now $200 000. May be sold GST-free if deemed to satisfy the ATO's Going Concern principle.

Northamites, do you remember this building as the premises where Wooltorton's Bakery once traded? Sadly the historic oven is gone when the old bake-house portion of the building was demolished. However, now there's a beautiful patch a vacant land ready for a rear facing development.

The building comprises 2 shop units on one lot of land, ie on one title deed. Clearly Shop 250 is older than Shop 252 as its brick parapet wall above the cantilevered front verandah suggests it was constructed in the Federation era between the late 1800s to 1920s.

The retail section of Shop 250 appears to be 5m wide by 17m deep, ie about 85sqm. However, it extends beyond the retail area including filled-in verandahs to incorporate residential accommodation (kitchen, lounge/bedroom, bathroo,, laundry, toilet). Shop 252 appears to be 5m wide by 12.5m deep, ie about 62sqm.

Formal lease agreements are not in place. There's a gentlemen's agreement between the landlord and tenants for the rent charged. The building has a gross income of approximately $9 658pa. Outgoings by way of water, sewer, Shire rates and insurance are about $4 483pa.

The land area is 673sqm having dimensions of 10m x 64m zoned for Commercial use and has dual frontage; Minson Avenue and the Avon River are adjacent the rear boundary.

Vacant possession at settlement can be offered by the seller if required by the buyer.

There's no hiding that this building is aged and ready for a makeover. The seller recognises the fact, hence the price reduction.