Location Location - Never to be built out

78 Manning Street
KIAMA NSW
Listing ID:
78 Manning
Price
$890,000
Category:
Hotel/Leisure
Area:
150 Sq m

Description

UNDER CONTRACT

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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