A building in a prime location on the corner of Union and Laman streets in Cooks Hill is being under-utilised and presents an opportunity for future investment, according to agent Steve Dick.
Mr Dick, of Raine & Horne Commercial, is marketing the two-storey building at 29 Union Street. It is set for public auction at Fort Scratchely on November 8.
Downstairs is tenanted by Corner House Cafe but a first-floor two bedroom unit is vacant. There is a single-car garage and rooftop access and the total building area is approximately 183 square metres.
“The income on the property at the moment is only $24,000 a year net but should be up in the $50,000s,” Mr Dick said.
“It’s got loads of potential to increase the income in the future. It’s got position and potential.
“Not only is it visible, it straddles the Cooks Hill residential area and it’s on the border of the commercial area.”
INVESTMENT IN MAYFIELD WEST
Raine & Horne’s Jason Morris is marketed a property at 579 Maitland Road in Mayfield West that he said will appeal to investors.
This property has two buildings on the one parcel of land, both leased long term to public listed company Australian Laboratory Solutions Pty Ltd (ALS).
The 10-year lease in place runs until 2023 with options to renew. The property has a net return of $188,000 per annum.
It has a two-storey office building, around 710 square metres in size, and a concrete panel warehouse with mezzanine. It is set for auction on November 8 at Fort Scratchley.
