Updated Price Range; Commercial Investment - Never to be built out

72 Manning Street
KIAMA NSW
Listing ID:
78 Manning
Price
$750,000
Category:
Hotel/Leisure
Area:
150 Sq m

Description

The building is positioned on Crown Land and boasts two levels of amazing ocean views. Never to be built out location. Flooded by tourism at this popular location. 100 meters from the beach sands. Unbeatable location. Rare opportunity to purchase the leasehold for this outstanding property.

Premises:
The building sits on a map of roughly 140- 150 square meters. The building is 2 storeys. Never to be built out location. Flooded by tourism at this popular location.

Kiama:
Based on the figures below it is clear to see why Kiama is such a hot investment location at this point in time. Residential growth is a precursor to great commercial growth which makes this property an OUTSTANDING opportunity.

The median sales price for houses in Kiama, NSW in the last year was $850,000 based on 119 home sales. Compared to the same period five years ago, the median house sales price for houses increased 51.8% which equates to a compound annual growth rate of 8.7%.

Term of Lease to State Government:
The building is built on Crown Land. The current lease expires 28 June 2030 and the annual rent $32,250. The leases are renewed at the end of every 20 year period. The lease is not put out for tender. The lease is negotiated by private treaty about 6 months prior to expiration.



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