Leongatha CBD properties up for grabs
TWO major Leongatha commercial properties are going under the hammer next Wednesday, February 28.
To be auctioned at Crown Casino, the properties are the National Australia Bank building at 23 McCartin Street and the building housing the iconic Henriettas business at 46 Bair Street.
The agents in conjunction for the sale are Burgess Rawson and Alex Scott and Staff, Leongatha.
Having just been taken over by new owners ,the Jefferis/Fennell family, Henriettas presents a good opportunity to purchase a building in Leongatha with a solid tenant who has signed a three year lease.
Based on current rental yields, Raoul Holderhead from Burgess Rawson expects the sale price to be around the $550,000 mark, although he believes the annual $39, 724 rental is on the cheap side given its massive 506 square metre footprint, and a purchaser could potentially attract more in the future.
“The real attraction of this building is its dual frontage; the gift and homewares part has frontage to Bair Street while the rear entry in Hyland Place has the cafe with plenty of parks in Hyland Place and the nearby IGA supermarket carpark,” Mr Holderhead said.
“The store is a real thoroughfare linking the front and back, and attracts plenty of foot traffic and passers-by. It has good food and a good vibe inside.
“You could potentially subdivide front and back and have two businesses in one in future, if that eventuated.
“With the revitalisation of Bair Street on the drawing board, this shop could well gain the benefit of an enhanced streetscape.”
Mr Holderhead said there had been both local and Melbourne interest in the property.
The National Australia Bank (NAB) building is expected to sell for between $1.2-$1.25 million, according to Mr Holderhead. Rent is $98,140 per annum.
“The big plus here is that this NAB has the benefit of housing the agribusiness facility at the back facing the IGA carpark which covers Cowes to Yarram. The nearest one to this is at Warragul.
“With Korumburra’s NAB having closed, the nearest branch is at Wonthaggi so the Leongatha NAB appears destined to stay,” he said.
The owners of the building remodelled the agribusiness building at the rear.
For further information, contact Raoul Holderhead 0413 860 304 or Alex Scott and Staff’s Peter Dwyer 0428 855 244 or Alan Steenholdt 0409 423 822.
Homewares and cafe: having just had a new three year lease signed with new business owners, Henriettas’ freehold could well be changing hands next week.
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Posted by Tayla Kershaw on Feb 20 2018. Filed under Business, Featured. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry
