- Land Size: 446 sqm
- Property Type: Retail
Approx Floor Area
- Retail Square Metres: 800
- Property Details: Tenanted Investment
- Tenure: Fee Simple
About this listing
A great chance to buy an attractive historical building in the heart of Invercargill retail area in Esk Street.
2 storey building of 800m2 on 446m2 of land.
Approximately 400m2 ground floor and balance upstairs. Established tenant since June 2010.
Term is varied by Deed of Renewal & Variation of Lease and rent review (dated the 9th May 2017) to the original Deed of Lease dated 10th of Sept 2010.
Rights of renewals—3 terms of 2 years each from 17/6/2017 plus 1 further term of 2 years to the 16th June 2025, if all renewals are taken.
Rent $48,000 pa plus GST with built in rent increases every 2 years i.e. 1st June 2019 rent $51,000 pa + GST. Then 1st June 2021 $54,000pa + GST, Lease to 17/6/23. then rent review as per lease terms.
Upstairs is currently empty, previously it was a restaurant and dine and dance. It has potential with renovations etc for extra income.
No GST to pay provided the legal identity that purchases the building is registered for GST.
2017 Rating Valuation Capital $455,000 Land Value $335,000 Land Size 446m2 Building Size 800m2