69 Best Street, Devonport

Positioned on one of Devonport's major CBD roads and boasting a commanding presence on Best Street, Halliwell Property Agents are excited to offer this highly-desirable, executive level premises to the investment market. Comprised of three Titles, the site is zoned as Central Business and is occupied by professional services in line with it's required usage. The building provides approximately 481 square metres of floor space over it's two levels (each with independent access), two separate parking areas inclusive of 14 total spaces, and is positioned on a land area of approximately 1,012 square metres. Two tenants occupy the premises: Ground floor is tenanted by Southern Cross Care, Tasmania's largest aged care service provider network. The lease has only recently commenced 12/7/21 for an initial 5 year term, providing the benefit of nearly the entire lease term to investors. This lease has further Options available from 2026. First floor (Two Titles) tenanted by My Pathway, a business delivering employment services, training, business mentoring, community projects and facility services through a mix of government and private contracts. My Pathway have tenanted the property for several years, with the current lease expiring June 2022, with several 1 year Options available to extend to 2024. The ground floor is fitted to an executive standard at significant cost, with modern finishes, ducted air conditioning, alarm systems, secured swipe access and networked throughout it's configuration. Note images are prior to ground floor tenancy commencing. The first floor is an expansive, modern floor area of approximately 260sqm, with multiple entrance and configuration options should it be required to again accommodate dual tenancies in future. Please see the 3D virtual tour links included in this listing, for ease of inspection while potential COVID travel challenges exist. This is an outstanding property in a highly desirable location opposite the Coles and Woolworths complex, neighboured by professional services and in a high exposure location, making it an excellent investment with spread of future risk owing to it's three lease areas and Titles. Total annual rents $97,278 plus GST, with tenants additionally paying all Council Rates, TasWater Rates, Land Tax and Utilities for their respective lease areas. Vendor pays common area electricity, approx. $120 per quarter (external lighting etc). Listing price is $1,450,000 - representing an excellent 6.7% net return. Please contact the exclusive listing Agent, Colin Rowlands of Halliwell Property Agents, for all enquiries or to schedule an inspection.