42 Recreation Street, Tweed Heads
Sold for $ 1,000,000
SOLD BY CRAIG PARSONS - PROFESSIONALS Land - Development Site - Property ID: 783642
This large commercial premises is being offered for sale with existing tenancies in place, currently operating a popular local retail butchers with a fruit and vegetable business. A wholesale butcher business will also be included, increasing the return by a further $36,000 p.a.
* Land - 1088sqs
* Zoning - R3 medium density
* Height - 22 metres (6 stories S.T.C.A.)
* F.S.R. - 2.25:1 (2448 GFA)
* Income -$92,400 p.a. (nett $84,000)
* 100% of outgoings paid by tenants.
Currently there is a 5 year lease over the property that has 4 years remaining with a "5 Year Option Period" to renew & 4% CPI increases annually.
The current landlord will form part of the sale with a new lease to include the wholesale butcher business, increasing the nett return to $120,000 p.a. (approx).
Take advantage of this excellent opportunity with cash flow and redevelopment upside giving more value for the future.