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64-66 Scott Street Newcastle Nsw 2300

Price: Negotiable

Iconic Newcastle Investment Opportunity

COMMERCIAL & RESIDENTIAL PROPERTY

Location
The property is located on the corner of Scott and Telford Street in the suburb of Newcastle, right in the heart of Newcastle CBD, cafés, restaurants, shopping mall, harbour foreshore and local beaches. Surrounding developments include a mixture of double storey terrace houses, high rise apartment blocks and multiple cafes and restaurants.

Distance to (approx); Newcastle Beach 300m, Harbour Foreshore 300m, Start of Hunter St 200m, 2. 7 kilometres east of the newly proposed Wickham transport terminal.

Description
Erected on the site is a two storey brick building with basement, and has a mixed commercial and residential use.

Ground floor and basement areas is currently leased to a craft beer establishment operating as ‘The Grain Store’. The restaurant is fitted out with a commercial kitchen, cool room, separate male and female amenities, office and air conditioning. The basement is currently fitted with storage/cool room. (Fitout of restaurant is predominantly owned by the tenant).

The first floor is a 3 bedroom apartment with additional rooms in the mezzanine level. The apartment is very large, with high ceilings and a "New York Loft Style" feel. The apartment has one bathroom and functional kitchen. The apartment was previously leased for residential use, but has been left vacant during the sale process. The property also has a double lock up garage and rear court yard area.

Potential Development
The property enjoyed past development approval into 6 by 3 bedroom apartments. This lapsed in 2009. Plans are available. Any future developments would be subject to Council Approval.

Potential Repairs
The property owner acknowledges that the asbestos roof requires rectification or replacement. Also the residential apartment is unrenovated and may require some upgrading.

Income :
The property has a potential net rental income of $142, 420 pa + GST. (approx)
The Ground floor, basement and car parking is leased to a business operating as 'The Grain Store' restaurant.
Leased until 14/3/23 plus a 5 year option. Current rent $ 121, 668 pa + GST and plus part Outgoings. (Approx)
The 1st floor apartment, was recently returning $950pw. This property has been left vacant for inspection purposes.

Please contact Agent for a detailed Property Report & Inspections.

Auction: Thursday 26th February 2015 at 11. 00am
Venue: Chifley Hotel, 14 Honeysuckle Drive, Newcastle
Inspect: By Appointment - Saturday morning 7th February - call agent to confirm time

Updated on: 06-02-2015


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STRUCTURES AND UTILITIES
Area: 479 m2 Estate type: House
Real area: 479 m2 Car parking:
Floor: For living:
Living room: For officer:
Rest room: 1 room For manufactory:
Other room: For rent:
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