This property was one of the first buildings built in the township of Pinnaroo, a small farming town in the eastern Mallee region of South Australia, only 5 kilometres from the SA/VIC border. Pinnaroo is just over 2.5 hours' drive from Adelaide, and an hour from the Riverland region of South Australia.
Originally built in 1910, shortly after the railway arrived in the area, the downstairs of the building provided shopfronts for locals with the shop owners residing upstairs. The building is made from handmade bricks that were created onsite from local sand/clay. The footprint of the building is 200 sqm giving a total building capacity of 400 sqm. The block size is approximately 1,000 sqm with rear access to the block via an easement. There is also a lean-to addition at the rear of the building of approximately 40 sqm AND a shed.
The building is in the main street of Pinnaroo, approximately 300 metres off the highway. It sits directly opposite and overlooking a park, and is 2 doors down from one of the towns two pubs.
Currently one of the shopfronts is tenanted by the local coffee shop with a lease agreement in place until January 2027. The other shopfronts are rented out on an ad hoc basis but usually has someone using it once a week. These provide a small revenue stream from the building of approximately $5,000 (net of rates and insurance) on an annual basis.
Over the last 5 years significant improvements have been made to the building including repairing mortar work downstairs, renewing the pergola, painting walls, repairing floors, removing old chimney stacks etc. The building has two new electrical meter boards with upgraded power enabling a full renovation of the upstairs to take place. In addition to this one of the meters also has 3 phase capability. Water into the building has also been improved with copper piping being installed to the coffee shop. The upstairs is accessible from the rear of the building.
Be advised that this building is a work in progress. The upstairs residential area is currently unliveable. No power or water is connected to the upstairs. Also the ceiling has been removed upstairs to rid the property of pigeon poo.
A development application has been approved for the upgrade and re-sheet of the roof. While the roof is okay as it is, an upgrade would be preferred to improve the clearance of rainwater during weather events. I also have near complete plans for the renovation/refurbishment of the upstairs to turn them into 2 separate self-contained 2-bedroom apartments. If you purchase the building the plans can be provided for an additional small fee.
The building is split over 2 separate titles which are both included in the sale price. Considering this I don't believe there is any reason why a purchaser couldn't renovate the lot and then sell off one apartment to recoup some funds.
This development would suit an individual or a couple willing to do some of the work themselves. Whether that be simple project management or hands on. If you are simply looking to engage a builder to complete 100% of the work and have them manage the project then it is unlikely to be feasible. However if you are willing to project manage the trades and do some leg work yourself, thereby saving $$ on the renovation, you are likely to make an ok return.
There is high demand for accommodation in Pinnaroo during seasonal work times eg seeding and harvest. There is also generally high demand for rental properties in Pinnaroo as the usual standard of rental property can be poor. So if youre willing to undertake the development you can be reasonably confident that you will be able to sell or rent out the apartments.
ALTERNATIVELY, if you would rather purchase the property with the roof upgrade completed, we could agree a sale contract where this is done. For example, if we signed a contract at a purchase price of $220,000 that stipulated, I complete the roof upgrade (frame and sheeting) prior to settlement that could be done. I am open to negotiations in relation to such things.
The owner is selling due to an unforeseen move for family.
Private Inspections. Serious buyers and enquires only please. No vendor finance, buy to rent or swaps.
Disclaimer:
Whilst every care has been taken to verify the accuracy of the details in this advertisement, For Sale By Owner (forsalebyowner.com.au Pty Ltd) cannot guarantee its correctness. Prospective buyers or tenants need to take such action as is necessary, to satisfy themselves of any pertinent matters.
