636 Darling Street ROZELLE

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SOLD

636 Darling Street
ROZELLE

Prime Retail - Shop and Residence

  • 2 bed
  • 1 bath

SOLD

$1.150m

Auction

Mon 19 Sep 2005

SOLD

636 Darling Street
ROZELLE

Prime Retail - Shop and Residence

Location: The property is located on the southern side of Darling Street in the heart of the Rozelle retail precinct between Merton & National Streets and within 200 metres of Victoria Road.

Site Area: The property is on a site 5.31 m x 31 m approx, 165 sq m with rear access to the Council car park.

Existing Improvements: The building is a two storey brick building in the art deco style providing 60 sq m shop frontage to Darling Street and a 1st floor 2 bedroom residence

Zoning/Title Details: The property is zoned Business under Leichhardt Council being Part lot 2 DP 169094.

Tenancy: The ground floor tenancy is presently occupied by an optometrist that has been a solid long term tenant. The existing 5 year lease expires 13th June, 2006 with no option for renewal.

The ground floor tenancy generates a current rental of $38,826 pa net with the tenant responsible for GST and 2/3 of statutory outgoing plus insurance. The lease provides for an annual increase of 7.5%.

The first floor residence is an expired lease and pays $13,520 pa ($260 pw).

Total income $52,346.

Council rates $3,307.30 pa

Water rates

$

494.88 pa

Insurance

$2,000.00 pa approx

Market Commentary: This is a very rare opportunity to acquire a quality investment property in the Darling Street, Rozelle retail strip which is undergoing significant renaissance. With a changing demographic the demand for quality retail premises has increased and this is reflected in the growth of rentals which are predicated to continue into the future as retail strip develops further.

We have no hesitation in recommending this property as a solid investment, with good rental growth and possible occupation mid 2006.

www.BalmainRealEstate.com.au

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636 Darling Street
ROZELLE

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