The shortage of larger retail outlets on Emerson St has eased, with two adjoining properties on the market for sale as one combined offering.
The two freehold properties form part of what was formerly the city's Central Hotel building, which was subdivided into four ground-floor premises.
The properties are on
the corner of Emerson and Dalton Streets in the city's Art Deco Quarter, and have a total annual net rental of $65,307 plus GST.
The larger of the two properties measures 109.18sq m, of which 22sq m is mezzanine storage. It is currently tenanted by jewellery retail store the Jade Centre, which has a five-year lease, plus three five-year rights of renewal, taking the tenancy to 2031. The annual net rental is $45,400, while the body corporate levy is $12,092.
The property has a capital valuation of $640,000 dating from 2008, with rates of $6205 a year. The second property measures over 46sq m, including a kitchen area, and is tenanted by Jester's Pies. Jester's Pies has a month-to- month tenancy which is under review, with an annual rental of $19,907, and body corporate levy of $5680. The site has a capital valuation of $275,000 dating from 2008, with rates of $3412 a year.
