A rare opportunity to secure a great investment property with huge development potential in the heart of Wollongong’s Central Business District. Currently leased to Wollongong Yoga Centre with just under two years remaining on the lease with an option to renew for three further years; offering a net rental income of $97,915.00 per annum.
This unique, versatile commercial building has a land size of 753m2 with street frontage of 15.62m and consists of a ground floor commercial space and double tandem lock up garage. The first floor area is currently being occupied as a residence. The total building area is approximately 872m2. Located amongst a variety of commercial businesses and development activity; the property lends itself as a very attractive development opportunity. Current zoning is B3 Commercial Core, which provides an FSR of 1.5:1 and a height limit of 60m.
Conveniently located in the heart of Wollongong CBD being a short 450m to Wollongong Central Shopping Centre and 1km from Wollongong Public and Private Hospitals. Wollongong Train Station is only 500m away and a public car park located directly across the road making it easy for customers to access the property and for exposure to passing persons.
Features include:
Ground Floor Internal area approximately 727m2 (includes garage)
Customised 6 year old fit-out for specialised bikram yoga studio including gas heating to the main studio room and built in bondor panels which are antibacterial and antimicrobial with an 8 star energy rated system
Designated, fully functional reception area
Combination of floor tiles and Marine grade carpet suitable for heavy traffic
Change rooms including lockers, showers and bathroom facilities conveniently located at the rear of the building offering convenience to the current tenancy mix
6 separate offices; some of which are sublet to ancillary businesses
Tandem lock up garage with internal access
Completely self-contained residential apartment with separate access currently configured as a two bedroom residence above the commercial businesses
Site analysis has been completed by Edmisten Jones along with development concepts with adjoining lots, available upon request