129-131 Bayswater Road Rushcutters Bay, NSW 2011

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Property Details

Property Description

Unique to the market, this freehold block of 12 studio apartments and two retail/commercial shops presents an extraordinary opportunity for the developer or investor with incredible scope for transformation. Combining a prime city fringe location with a prominent, high exposure setting opposite and adjacent to Rushcutters Bay and Park. This Mixed Use property presents a fantastic opportunity for the investor or developer with scope to capitalise on its exclusive harbourside address, high visibility location and vast untapped potential. So bring your builder and decorator as this block requires total refurbishment.

• Freehold Mixed Use building
• Entire block for sale – one title
• 12 studio flats, 3 level walkup
• 2 high-exposure retail shops
• Established 55-seat pizzeria
• Grease trap, washroom facilities
• 12 well proportioned studio flats
• A prime development opportunity
• GAR currently approx $177,444 PA
• Significant harbourside location
• 2.5km to the CBD, 500m to station
• Explore the incredible potential
• Creative business/residential prospects

OUTGOINGS:
Council rates $4,902.80 PA
Water rates $8,657.76 PA
Insurance $4,275.94 PA
Land tax $16,284.04 PA

DEVELOPERS NOTE:
Land area: 207 SQM
Zoning: B4 Mixed Use
FSR 3.75:1
Height limit: 27 meters
Height in storeys: 8 levels (max)
ALL THE ABOVE ARE STILL SUBJECT TO COUNCIL’S DEVELOPMENT CONSENT.

TENANCY LEASE TERMS:
Shop 1: “Add up Signs” – $16,263.24 + GST PA – Lease expired
Shop 2: “Elvis Pizza” – $21,319.20 + GST PA – Expires 22/3/2020 (5% annual increases)
Unit 1 – $290 pw – Expired
Unit 2 – (unit 1 and 2 combined)
Unit 3 – $265 pw – Expires 30/1/2016
Unit 4 – $250 pw – Expires 5/2/2016
Unit 5 – $250 pw – Expired
Unit 6 – $260 pw – Expires 7/3/2016
Unit 7 – $265 pw – Expires 14/1/2016
Unit 8 – $235 pw – Expired
Unit 9 – $250 pw – Expires 21/6/2015
Unit 10 – $250 pw – Expired
Unit 11 – vacant/last let at $255 pw
Unit 12 – $260 pw – Expires 21/6/2015

Current total return $3,297.00 pw (not including unit 11) equating to $171,444 PA

Disclaimer: We have been provided with the above information, however, Laing + Simmons gives no guarantees, undertakings or warnings concerning the accuracy, completeness or up-to-date nature of the information provided. All interested parties are responsible for their own independent enquiries in order to determine whether or not this information is in fact accurate.

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