100 Best Street, DEVONPORT, TAS, 7310

Knight Frank are pleased to bring to market this fully leased, dual tenancy office building, situated in a prime commercial location along Best Street, Devonport.

The property comprises two titles, which combined totals approximately 1,417 sqm.  The front allotment features the main building, while the rear Title features a private car parking area for approximately 14 vehicles, plus a sealed access driveway.

Both tenancies have been updated in recent years and provide a modern standard of fit-out and finish.  Both tenancies are leased to National Tenants (IOOF & Veris) with terms expiring in 2022 and 2025 (both with options to extend for a further five years).  Each tenant pays a 50% share of Council rates, water and single holding Land Tax. Estimated net income is approximately $109,458 (before owners outgoings).

Standalone regional office assets have performed well in comparison to capital city markets, with normalised levels of 'post Covid 19' utilisation and strong local leasing fundamentals. 100 Best Street is for sale by Private Treaty at $1,750,000 (circa 6.25% net return before owners outgoings). For further information or to inspect, please contact Knight Frank.

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