Commercial: Office / Retail
HUGE OPPORTUNITY IN SOMERTON PARK
SOLD on 6 July 2019 $1,405,000
Open Sat 6 Jul 1:30pm
Auction Sat 6 Jul 2:00pm
Situated in the heart of Somerton Park, number 8 & 10 Paringa Avenue offer an exceptional opportunity. Two separate titles are being offered under the one contract in order to maximise the exciting potential. With a total land size of approximately 1,718m2 and boasting a frontage of over 36m, this property is prime for commercial development.
Located in the Holdfast Bay Council and zoned ‘light industry’ with existing use rights, you are able to continue using both properties as they currently stand which is in a residential format whether that be for investment or to owner occupy. If you are looking to develop – commercial/industrial development is the lucrative path that you will need to take.
Number 8 Paringa Avenue is currently comprised of 3, one-bedroom units – 2 of which are currently tenanted on a periodic lease for $210 & $220 respectively. There is also a large lock up shed toward the rear of the block and plenty of open space.
Number 10 Paringa Avenue currently holds a classic 1950’s, solid brick home made up of two bedrooms, two separate living areas, kitchen/meals space & family bathroom with separate toilet. A second bathroom and separate office attach to the house and connect with the large double garage which makes working from the property extremely convenient. Along with the solid brick home is a substantial workshop located toward the rear of the block – ideal for anybody looking for a space to work and create from.
Boasting huge potential, this dual title property offers choice and flexibility to the savvy investor, developer and or business owner. Run a business from home, continue to enjoy the rental returns or develop into substantial commercial property. A rare and exciting offering not to be missed.
Remember to mention you found this property on DevelopmentReady.com.au