South Dunedin, Dunedin City

Secure a proven income-generating asset with immediate returns and long-term growth potential. Returning $130,367 PA gross plus GST and now priced at $1,350,000 plus GST if any (8.2% nett return), this high-profile stand-alone freehold and fully leased character premises known as 'Duke's Building' is available for acquisition at popular Cargill's Corner, South Dunedin. The subject premises located at 144-166 Hillside Road are a rare opportunity to secure fully leased retail/office premises with eight commercial tenants in place and a diversified income with upside.Positioned on one freehold title on 422m2 (more or less) with a floor coverage of 760m2 returning an annual gross income of $130,367 PA plus GST, following a recent rent review. The premises have recently been earthquake strengthened with an engineering assessment provided showing the premises at 75% NBS. The building has been restored/repainted externally and is well maintained. This fabulous character property offers a diversity of income streams and future development options. With several new developments in the area including the Kiwi Rail Hillside Workshops and Dunedin City Council's new library development on King Edward Street, this area is fast becoming a popular destination for shoppers and a community hub.Key features Superb character investment opportunity on one freehold title 422m2 +/-Duke's Building with eight retail/office tenancies returning (gross): $130,367 PA plus GST or $110,883 nett plus GSTRestored and refurbished, built in 1920s for W M Duke's and Sons LimitedZoning: Principal Centre, 2GP, Section 18, Commercial and Mixed Use For full commercial lease details, LIM report and IEP report please contact the exclusive agents for a full information memorandum. Vendor is registered for GST.