Eye-catching investment


26 Canon Street, Timaru

Private Treaty

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Eye-catching investment | 26 Canon Street, Timaru | 5518964 |      X Close
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Eye-catching investment


Deadline Sale (unless sold prior) 2pm, Thu 18 Aug 2022

•Stratum in Freehold tenure, one of two units

•Half share of 760sqm land area (more or less)

•Returning a net income of $71,514pa + GST and outgoings

•Long-standing tenant with Deed of Variation signed to lengthen final expiry date to March 2030

•Option to acquire the upper unit in future will be provided to the purchaser

Situated in the central business district, this outstanding opportunity presents investors with a chance of securing a tidy and very well-maintained commercial asset in Timaru. This is the ground floor of a two-storey Stratum in Freehold property with the two units both owned by the vendor.

Built in 1987 by the vendor with an extension completed in 2010 that increased floor area. This building has a long-standing and close relationship between the parties. The established tenant began working for the vendor straight out of school and went on to buy the business from them.

The tenancy is an iconic Timaru optometrist, returning a net income of $71,514pa + GST and opex. A Deed of Variation of Lease has been signed, which includes two further Rights of Renewal each with a three-year term. This brings the final expiry date out to March 2030.

The South Canterbury economy has weathered well and has a strong agricultural and industrial base, providing investors with confidence.

This is an opportunity to be looked at. A comprehensive Information Memorandum is available upon request.

Jessica Pharaoh

Timaru

Licensed under the REA Act 2008

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Wayne Frewen

Timaru

Licensed under the REA Act 2008

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William Wallace

Christchurch

Licensed under the REA Act 2008

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26 Canon Street, Timaru

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Jessica Pharaoh

Timaru

Licensed under the REA Act 2008

View profile

Wayne Frewen

Timaru

Licensed under the REA Act 2008

View profile

William Wallace

Christchurch

Licensed under the REA Act 2008

View profile