Opportunity for an investor to purchase a quality building in Gordonvale. Fully tenanted with additional development potential.
Improvements - constructed toward the front of the site on Norman Street is a 2 level concrete and brick building providing ground floor retail shops and first floor multi residential accommodation.
The ground floor retail shops comprise of four separate tenancies. Laundry Mat, Hair & Eye Lash salon, Pizzeria and Gym. There is also a small 48.5m2 storeroom located at the rear of the building for use by the laundromat for storage.
The upstairs accommodation area will be leased back and managed by the current owners. This majority of the property has been re-wired. The main switchboard into the property has been significantly upgraded with all new smart meters installed. Almost the entire building has been upgraded, on both levels with the water supply from galvanised pipes to copper. There are 15 partly furnished bedrooms, 2 kitchens, 2 lounge rooms, 2 front balconies, and 2 rear balconies, 6 toilets and 4 showers.
There is a significant amount of balance land at the rear facing Hoare Lane, a Development Approval has been obtained to build a new 350 sqm Retail Building. There is limited commercial zoned land in Gordonvale making this a valuable asset.
Gordonvale Centre was formerly a Hotel and has been fully renovated into a Gymnasium on the ground floor with 3 additional retail tenancies on the ground level, upstairs on level 1 there is short and long term residential accommodation.
There is limited Commercially Zoned land available in Gordonvale making this large parcel an ideal opportunity for an investor seeking to add value to the property with future development potential off Hoare Lane. In addition the current rental levels are considered to be under Market Value , rental growth expected on the tenants lease renewals.
Gordonvale has an extremely low vacancy level with Commercial/Retail properties.
Gordonvale and the southern corridor has been experiencing solid growth over the past decade and all augers wells for its continued growth due to the upgrading of the Bruce Highway to 4 Lanes north to which will reduce the travel time to the Cairns CBD. Completion is expected mid 2023.
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