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Reece House, Burnie, Tasmania: Office Investment, with Up...

46 Mount Street, BURNIE TAS, 7320

Sold

Property Sold in 46 Mount Street, BURNIE TAS, 7320

Knight Frank Tasmania (Devonport)

48-54 Oldaker Street, Devonport, TAS 7310

Listing ID:
11339650
Status:
Sold
Price:
$3,800,000 + GST (If Applicable)
Last Updated:
09/12/2019
Icon building

Property Type

Offices
Icon square

Land Area

N/A
Icon size

Floor Area

3629 SQM
Icon parking

Parking

N/A

Reece House, Burnie, Tasmania: Office Investment, with Upside. Net Return: 12% or $1,000 psqm

'Reece House' is a multi-level office building, comprising basement carpark, ground floor retail and 5 upper levels of office accommodation.

The building was developed in 1975 and sections of the premises have been progressively refurbished over the past 10 years.

The property has a net lettable area of approximately 3,629 square metres, based on the current configuration, and 20 basement carparks.

The property is located on the north-west side of Mount and Cattley Streets in Burnie, adjacent to the main CBD retail area.

Burnie is a major commercial centre on the North West coast of Tasmania, with a population of over 20,000 people in the greater Burnie area.

The building is offered for sale 75% occupied,with State Goverment and a national tenant. The building has a 2.5 – star NABERS Energy rating

The current gross passing income is approximately $787,000 per annum and after deducting outgoings, a net income of approximately $440,000 per annum, is produced.

Through leasing the vacant areas, there is an opportunity to substantially increase the return.

Call Nicholas Bond of Knight Frank for further information.

For more details, please email agent

Knight Frank Tasmania (Devonport)

48-54 Oldaker Street, Devonport, TAS 7310


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