Avanti Commercial are proud to bring to the market for the first time since construction over 30 years ago, the well-established “White Street Lodge” Southport.
This very sturdy suspended concrete slab, brick and tile 2 level accommodation building was built in the 1980’s. The property consists of 36 boarding rooms (plus 3 storage rooms), a 1 bedroom (on site managers) unit, utilities/storage room and multiple common areas.
The property is located very well within close proximity to public transport, medical, retail and entertainment.
Property Features:
• 37 room boarding house
• Lucrative income stream (Gross $455,260 and Net $274,941 approx)*
• Freehold site of 1,236sqm land area
• Priority Development Area – Southport
• Precinct 1 – Central Business District
• Zoned High Rise and High Density Residential, various commercial and medical uses also (subject to Council approval)
The offering is well suited to an investor to take advantage of the lucrative residential income, with a medium to long term view for a built form development.
This meticulously kept property is currently fully occupied with an on-site manager taking care of day-to-day operations.
The Hostel/Boarding House was upgraded in 2014 to include 2 disabled access rooms, ramps and a disabled access bathroom.
There is potential to utilise the property as an affordable housing option, low cost hotel accommodation or, as it is located in the Southport Priority Development Area, there is potential to redevelop the 1,236 sqm site.
PROPERTY FOR SALE BY EXPRESSIONS OF INTEREST CLOSING 4:00PM WEDNESDAY 25TH SEPTEMBER, 2024.
For More Information and a Copy of the Information memorandum contact the Exclusive Agent:
Lachlan Harris
E. lharris@theavantigroup.com.au
P. 0409 057 733
