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ISLAND INVESTMENT - #1
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This is an opportunity to acquire an established income producing mixed use investment, well located in the business district of Thursday Island.

Thursday Island, is the Main Island and administrative and commercial centre of the Torres Strait region, which includes over 20 islands and a population of over 25,000. Fishing, prawning, pearling and tourism are the main industries operating throughout the islands.

The property is situated on the northern side of Douglas Street, being 80 metres east of its intersection with Hastings Street, diagonally opposite Bayo Beach public reserve, and benefits from some ocean and beach views.

Constructed on the freehold 414m2* parcel of land (zoned business) are two detached buildings, one located at the street front, the other to the rear of the property.

The front building comprises a mix of retail and residential accommodation. In the current configuration the building presents an open plan office area with partitioned store and consultant room set towards the street front and a staff area to the rear with unisex amenity. To the left is located one of the two bedroom flats with combined dining/kitchen area and bathroom and attached enclosed laundry area accessed externally.

Positioned to the rear of the property is a highset duplex configured into two flats. The first comprising two bedrooms, one bathroom with separate lounge, combined kitchen/dining and separate toilet. The second being a one bedroom, one bathroom with combined living/dining/kitchen. A shared laundry facility on ground level.

The current passing income for the property is $46,280, with the shop and two of the flats are currently occupied, leaving the rear one bedroom flat vacant. All leases are currently on a periodic basis (month to month), to allow flexibility to the incoming purchaser. We understand that all of the current tenancies would be prepared to enter into more formal arrangements.

Reflective of the unique location, limited availability of land and high costs associated with new construction, this property potentially represents an affordable entry into a relatively tightly held market.

Inspections of the property can be arranged through the marketing agent however inspections are strictly by appointment.

The auction is to be held on Thursday 23rd of June at 11am at the Pullman International Hotel, 17 Abbott Street, in Cairns. Bidding by phone is available we prior registration however arrangements must be made no later than 24 hours prior to auction.

Ref #: 23901
  • 23/06/2016
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