Currently yielding 8.3% return at 75% occupancy and the opportunity to yield 9.5% if fully leased.
This impressive building with an amazing history is a fantastic opportunity for your new business, secure income or for you to redevelop. Built in 1890, originally as the Baptist Tabernacle, the building is iconic for its tall columns and huge, arched windows outside and detailed finishes inside. Currently split into 4 tenancies offering great returns and flexibility. Zoned Urban Mixed Use, it can be left as is, creating a great income or altered to your liking, STCA. Location is perfect sitting on the edge of the CBD and surrounded by a mixture of businesses, hotels, shops, residences, the City Park, the Albert Hall and close to the new University precinct,
At the front of the building you are greeted by original wrought iron fencing with intricate detailing. Go up the steps to large cedar doors which open into the impressive entry. Once inside you can appreciate the modern fit out that makes this a practical office space whilst keeping much of the original details throughout the building. The ground floor unit, currently leased, has a large reception area, a big staff room, storage rooms and 5 large offices around a central open meeting area. This entire downstairs area is secured by automatic glass doors from the entry hall and has ducted air conditioning.
Upstairs is a second very impressive, area with a modern practical fit out. Currently the 1st floor is offers a reception area, 2 bathrooms and 2 kitchenettes leading to a large, open, staff and storage area. Behind the lovely timber doors are 7 offices, an open sitting area and an impressively large board room. The 1st floor can be leased as an addition to or a separate tenancy from the ground floor, with wooden stairways leading up from both sides of the entry hall and secure lockable doors at the top of the stairs.
At the back of the main building is 3rd tenancy which is currently leased out. Further to the rear is a separate brick building also leased with a long term secure tenancy. The 3 leased areas are showing good returns and the top level of the main building can be leased out, occupied or developed by the new owner. This heritage building offers many opportunities in a fantastic location.