February 12, Melbourne – Teska Carson (9421 7000) in conjunction with Byron Bay Property Sales, is marketing a prime, fully let, retail and office arcade building in the heart of Byron Bay, one of Australia’s most popular beach resorts.
The 17 Lawson Street property comprises a a modern, double storey, brick building of 594 square metres (GLA) comprising three shops, two restaurants and four office suites with a central arcade providing pedestrian access to the rear shops and car parking with access from Bay Lane at the rear.
The property is located on the northern side of Lawson St between Jonson and Fletcher Streets in the heart of the Byron Bay CBD and just 100 metres from Byron Bay’s main beach.
A recent, $250,000 refurbishment on the arcade included interior and exterior paint, new LED lighting, tenant signage, and landscaping, while the bathrooms and kitchenette were redesigned and renovated.
The 866 square metre site has a wide 15 metre frontage to Lawson Street and 20 metres to Bay Lane. The property will be sold subject to eight leases at a gross annual income of approximately $465,000.
According to marketing agents, Teska Carson’s Michael Ludski and Byron Bay Property Sales’ Kathy Vaubell, the property represents an excellent investment opportunity in a prime retail precinct with exceptional growth potential.
“There is no doubt that Byron Bay is one of the most popular beach resorts in Australia attracting high levels of tourists – currently more than 2 million – throughout the year.
“The pristine beaches, laid back lifestyle, warm climate and vibrant CBD have also continued to attract new residents driving the ongoing construction of new residential developments.
“These resident and tourist numbers continue to provide significant returns and excellent growth potential underpinning local businesses,’’ Mr Ludski said.
Ms Vaubell said freehold properties of the calibre of 17 Lawson Street were extremely hard to come by as were retail vacancies within a very tightly held precinct.
“17 Lawson St will appeal to the astute investor looking for a quality freehold in an outstanding location which promises exceptional growth potential in one of Australia’s most popular tourist destinations.
“The eclectic mix of food and fashion and high end residential development within close proximity, are testament to the quality of opportunity of this offering.
“It really does represent an exceptional blue-chip investment opportunity,’’ Ms Vaubell said.
The property’s key attributes include:
- Quality refurbished building with excellent exposure and access;
- On-site parking;
- Large 866 square metre site;
- A location within one of Australia’s most popular beachside resorts;
- Fully leased with a quality mix of retail, office and restaurant tenancies; and,
- Exceptional growth potential.
The property will sold by Expressions of Interest closing Wednesday, February 28 at 3pm with expectations of more than $5.5 million.