8.5%+ RETURN PLUS HUGE UPSIDE

Listing Number:  1939
Posting Date:  16 June 2011






 
Price:$1,882,000
Listing:8.5%+ RETURN PLUS HUGE UPSIDE
Type:Commercial
Category:Double Settlement
Bedrooms:
Bathrooms:
Region:Wellington
Site Area:3187 m2
Address: Login
Building Area:555 m2

Description:

8.5%+ Return plus huge upside, Commercial Property in the heart of Otaki Retail Destination Area. Rental Income $160,000 (minimum). Vendor funding up to $100,000. 2632sqm of development land free. Settlement mid September.
The Railway Hotel, the existing owners of the business and buildings will take on the lease for the old pub portion of the buildings at $75k ++. The other portion of the building (the newer portion) just over 200sqm will be leased out at $85 - $90k pa ++. Other Income streams available but not taken into account. Zero Rated for GST.
Fit out costs of $65k can be deducted from purchase price or reimbursed on settlement.
Development land is a combination of commercial and rural zoning, Council have indicated that they are happy to look at a rezoning application for the rural portion and they have approved a similar scenario for the BP station in Otaki. More details available, LIM dated Oct 2010, Valuation can be organised if required.