16-18 Stewart Street, Devonport

Known as the Churcher's Arcade this property is situated on the CBD retail strip of Stewart Street. The arcade acts as a pedestrian connecter between Stewart Street and the very popular council carpark around the CMax Cinema complex. The arcade makes movement from the cinema complex, café's, Harris Scarfe, McDonalds and other retailers shorter and easier. As a result the arcade experiences heavy foot traffic. The arcade is split between two titles and there are two separate owners. The half we are offering is the Eastern side of the arcade only. This side of the arcade has four tenancies. All except one have been long-term tenants. The arcade also has a first floor office space which is currently vacant. This area consists of one individual office room, shared male and female toilets in the hallway and a larger office space comprising of approx.. three rooms. Currently vacant this presents an opportunity to increase yields via tenancy or perhaps creative development. This is a unique property that comes with unique circumstances. For the right buyer it represents great opportunity. For more information please contact our office Current annual rental income: $49,000 p.a. + GST