$ 1,250,000.00
1-3 Reibey Street Ulverstone TAS 7315
$1,250,000
Commanding what has to be one of the most prominent and appealing locations of the Ulverstone CBD, Lancaster House Circa 1923 represents a Real Estate opportunity not to be missed. With three residential apartments on the first floor level and with potential for further development (with prior planning having been approved but not undertaken) this is an exciting offering. Made even more attractive by the ground floor tenancies and opportunities within the Central Business area of Ulverstone this landmark property with a floorplan of 696 square metres provides both lifestyle living, and business/retail income as an earning capacity combination. This is an opportunity that as a combination together are both rarely available, and that will never be out of favour or without opportunity for the owners.
Presently both 1st floor residential and ground floor retail are fully tenanted, however given the position and benefits the option of residing in any of the 1st floor apartments is an attractive option both figuratively and for convenience. The option to take over any of the apartments at the end of current tenancies remains an attractive option for personal use should a new owner wish. Returns on Lancaster House should be attractive to purchasers even without its prominent and attractive location with the favorable return on investment. When full tenanted the property yields a healthy return on investment for the owners and set to increase incrementally over the next three years.
The current tenants provide a healthy component of Lancaster House total income figures. However, whether being used for private residential use or continued use for tenanted residency this property boasts one of the more commanding and certainly convenient locations in Ulverstone and perhaps the North West Coast, particularly given the ease of commuting. With two of the three existing apartments having commanding views over the Leven River and waterfront developments, as well as to the river mouth and Bass Strait and back up the river over the parks to the farmlands behind this, arguably has to be one of the best sited living options of Ulverstone.
The prior owners had plans approved to modify the living areas of the first floor, converting the three existing apartments to six guest apartments, there is certainly opportunity to incorporate more living, common or entertainment areas and facilities. While the previously approved plans are to increase the number of apartment options to maximise short term letting opportunities, consideration has also been given to increasing the size and reducing the number of permanent residential areas. Like most things the limiting factors are vision, budget and necessity.
Ground floor tenancies with Nurture Clinical Psychology and Life-Line as a non-profit organisation, plus the vacant shop now leased and scheduled to open in December after a new fit out, can be regarded as invaluable as reliable, solid, long term commercial tenants. The Clinic and Life-Line show the value of good long term tenancies, without the need for passing traffic for trade attraction yet still being accessible to clients.
Being easily accessible to pedestrian traffic both of the CBD and recreational users along the riverfront, as well as to public parking areas make this super attractive to an astute investor. With easy accesses to the Bass Highway only a couple of kilometres in three directions, for commuting to other coastal and rural destinations this could not be more convenient.
Sushames Real Estate trusts in the information in this document which has been sourced from means which are considered reliable. Prospective purchasers are recommended to carry out their own due diligence regarding permits, measurements and boundary positions prior to settlement.
