Property listing ID: 63224
The ongoing growth of the city is resulting in historically commercial areas finding higher value as residential accommodation. This change is most prevalent in the city fringe where a quick scan of the skyline includes several cranes working on apartment blocks. The changing city fringe landscape will have a two-fold effect. First, there will be an increase in the disposable spend which will be positive for suburban retail. Second, there will become a shortage of commercial property. When reduced supply is coupled with the barriers to entry of rising building costs and burgeoning land values, commercial property owners will be in a strong position to increase rentals in the medium term. 33 George Street is a 1,212m² Freehold parcel is zoned Mixed Use and has two frontages to George Street and the railway. The elevated position enjoys views to the northwest making the site suitable for a sunny residential development in the future, as has been the case with similar sites nearby. The building was completed in the 1980's and is of concrete and steel construction. The internal space includes a 591m² warehouse with car dock access and a 342m² office and amenities over two levels with excellent natural light. The building is positioned to the north/rear of the site providing 19 car parks and easy truck access. The occupant is paying $180,000 plus GST and outgoings, the term runs to 24 October 2016 with no further renewals. These arrangements provide plentiful time for an investor to find a new tenant whilst also opening the opportunity for forward thinking owner occupiers or developers. This is a great property in a strong location worthy of closer consideration - contact now for details.
Listed by Barfoot & Thompson , Cam Paterson (City Commercial)