A profitable investment to add to your portfolio; with a huge area covering 3 levels - a basement, ground floor and expansive first floor!
GROUND FLOOR - COMMERCIAL RETURN
Situated on an impressive 818sqm, Paleface Arcade offers direct walk through access from the busy IGA carpark to the bustling main street. Multiple off-street parking spaces at the rear are provided for the tenant's comforts, plus tidy tiled male/female/disabled amenities (for tenant and customer use) are situated at the rear of the arcade.
Originally consisting of 8 shops in the arcade; over the years the versatile internal plaster walls have been removed/added to grow with larger retail and office space as needed. Achievable rental income is over $60,000 per annum.
The Arcade is currently home to 2 commercial tenants, with space for more!
FIRST FLOOR - The "Loft"
The 'Loft' is a vast, blank canvas of approximately 500sqm, begging to be converted into shop top style apartments; like many other premises in Temora have been. An owner occupier could enjoy one large apartment, or divvy into multiple units and tap into Temora's thriving short-term stay space. The 'Loft' provides an impressive eastern and western outlook over the township. Restaurants, galleries and function rooms would also work well in this space.
THE BASEMENT - Scope
Further scope for expansion is available in the 'basement' - a wonderful underground time warp; including original safe, cobblestone flooring, imposing timber pillars and quadruple-brick footings. Ripe for an artist; use as a function space; underground restaurant and more STCA (subject to council approvals.)
AGENTS COMMENTS:
One of the most well preserved and maintained commercial properties in Temora - a huge feat, given it is no doubt one of the oldest! A once in a lifetime opportunity to own a slice of history that will well and truly pay for itself; with further scope to add your own touches to the 'basement' and 'loft' spaces if desired.
THE HISTORY
Affectionately known as 'Paleface Arcade' by locals; the John Meagher & Co Building has an enormous presence in Hoskins Street, with anecdotes dating back to its conception in 1892.
Elaborate paraphets, windows and finials are some of the many grand features retained in 'Paleface Arcade.' The building has merged gracefully into the twenty-first century and is still a main shopping and service hub.
You are purchasing the northern side of the building only. The southern side of the building (not for sale) was an extension many years later, and whilst it shares the façade, does not form part of this sale.
Asking $649,000 ONO (FREEHOLD, GST NOT APPLICABLE)
Land Size: 818sqm
Legal Description: Lot 1 DP 739521
