77 Gunn Street, Devonport

Located in Gunn Street, opposite the entrance to the busy K-Mart/Coles and Woolworths supermarket complex, is this well presented investment and development opportunity. The property is situated between the CBD/Living City precinct and Fourways Shopping district, in a busy hub occupied by a mix of professional business services, retail and residential dwellings. The existing property and carpark is leased on a long term basis to a professional, statewide surveyor, containing four offices recently redecorated and in great condition, with modern kitchen and bathroom facilities. The property is connected to a gas hot water system and has ducted gas heating and is secured by an alarm system. The leased area is returning 6% net on purchase price with annual CPI increases, however with the remaining rear block not forming part of the tenancy, and measuring approximately 400 sqm, there exists a rare CBD development opportunity to significantly increase return. With favourable "Central Business" zoning, development of the rear area may be office, retail or residential (including high-density) if required, STCA. This presents an excellent opportunity for a purchaser to receive a long-term income from the leased area while developing the rear. Listing price is $417,000. All outgoings paid by tenant. Contact Colin Rowlands at Halliwell Property Agents for all enquiries or to schedule an inspection.