Landmark Freehold For Sale - 'Lt. Miller' - 90 Seat Cafe
Auction 21st May @11am
10% deposit balance 60/90 days
This high exposure corner retail space is now available 119.4 sqm (approx.) and includes two carparks.
The retail space is located within the ‘Lt. Miller, Nightingale BE’, development, which is one of Victoria’s most sustainable, award winning developments, having a 7.5 star average NatHERS rating. Located in a high growth pocket which borders North Fitzroy and North Carlton. A stand-alone opportunity with no existing competition.
Café for the outright purchase of the property at 55 Nicholson Street, Brunswick East for a total contract sum of $900,000 - $990,000 as a going concern compromising 119 SQM internal, 2 carparks.
The property has a lease in place with Mary Miller Café, with initial lease of 7 years and three further terms of 5 years. Being 7 x 5 x 5 x 5.
Initial yield is 5.1% adjusted with conservative depreciation schedule. Yield by the end of term 1 is 6.7% with 3 further terms and increase per annum of 3%.
Depreciation schedule has been run for 10 years.
The Purchase includes $125,000 of capital improvements that are included in the sale transferable to Mary Miller Café on the successful completion of Term 1.
A more aggressive depreciation schedule presents an opportunity over the first 5 years.
For further information and onsite inspections contact Dominic Ziino – 0401 333 622