104 Spring Street, South Grafton

ATTENTION INVESTORS: This is rare! 4 x 3 bedroom brick townhouses constructed in 1996. Modern design and layout with brick and Colorbond construction. Each has 3 bedrooms, 1 bathroom, 2 living areas, internal lock up garage, internal laundry, front balconies, ceiling fans (some have AC) and private front yards.

Long term tenancies in place:

Unit 1: $240 per week lease since DEC 2013
Unit 2: $250 per week lease since OCT 2016
Unit 3: $230 per week lease since JUNE 2007
Unit 4: $235 per weeK lease since APR 2016

All Residential Tenancy Agreements are currently expired, and all exisiting tenants have indicated they are keen to negotiate new ones with a new owner – allowing you plenty of flexibility.

Set on 2055 square metres of land zoned B3 – Commercial Core. The original D.A. allowed for an additional 4 townhouses to be constructed on the balance of the land and this development could be lucrative (S.T.C.A.)

The site is adjacent to South Grafton’s main street. From the front door tenants are less than 100m from the South Grafton Post Office and within 3 blocks of Coles Sth Grafton and a range of shops, services, hotels etc.

Allowing for a gross yield of 6.8% p.a., Grafton’s rental market is expected to enter a strong period of growth over the next half decade with huge captial works taking place in the immediete area (new Grafton Bridge, Pacific Highway upgrades, and the new Grafton Correctional Facility to name a few).

For information, discuss with Angus McKimm on 0438 425 176.

LAND: 2055 sqm
ZONE: B3 – Commercial Core
RENT: $230, $235, $240 & $250 per week = $955 per week gross
RATES: $7900 per year (Clarence Valley Council)
INSURANCE: Current owners pay $5158 p.a. (Building – Total) &
$388 p.a. (Landlord cover per unit)
LAST TRADE: MAY 2007 – for $550,000