18 Howson Way

Bibra Lake WA 6163

This opportunity is an ideal investment as a future redevelopment opportunity in a prime location in Bibra Lake.It involves the sale of 4,042sqm* of land with six existing tenancy areas (1,853sqm*), five of which are currently occupied.Zoning: City of Cockburn TPS 3 - IndustrialThis property will attract a developer wishing to acquire a central Bibra Lake property with attractive redevelopment potential and strong holding income, an investor with a similar agenda, particularly one with the foresight and capacity to optimise the income generated by the tenancy environment of the property or an owner occupier.The tenanted areas currently generate approx. $117,744 in Net Rent, although this represents significant under-renting value, based upon current market leasing values. Tenants also pay GST and Variable Outgoings. The property should be generating rent of approx. $206,955 plus GST plus Variable Outgoings, based conservatively upon a Net Rent of $130/sqm for the five tenanted area and $50/sqm for the untenanted area of 425sqm*. The unoccupied unit is currently best suited for use as a storage area, although it has the capacity to be upgraded to a higher utilisation, and, as a result, will generate significantly greater rent.The existing tenants are attached to periodic (month to month) leasing arrangements, although a number of them are longstanding tenants and all of whom are financial and reliable tenants.The tenancy areas comprise the following:Unit 1Workshop: 201sqm*Office: 28sqm*Rear yard: 132sqm*Plus amenitiesUnit 2Workshop: 200sqm*Office: 27sqm*Rear yard: 132sqm*Plus amenitiesUnit 3Workshop 200sqm*Office 28sqm*Rear yard: 132sqm*Plus amenitiesUnit 4Workshop: 191sqm*Office: 27sqm*Rear yard: 210sqm*Plus amenitiesUnit 5Workshop: 409sqm*Office: 22.5sqm*Plus amenitiesUnit 6Warehouse: 425sqm*Units 1 to 4 were part of the original development of this property (in 1989). Units 5 and 6 were a Stage 2 development.Units 1 to 5 have 3 phase power and all have individual metres. The property has sept tank drainage.Outgoings: $21,503.53Council Rates: $15,503.53Insurance: $4,000Water Rates (Inc. consumption): $2,000This property will attract a broad buying audience as it presents a broad cross-section of opportunities. Investors and developers and business owners wishing to broaden or establish a presence in Bibra Lake will have no difficulty seeing the value and potential presented by this property.For further information or to arrange an inspection please contact:Michael DanagherRWC WAM: 0403 049 989E: michael.danagher@raywhite.comVictor AloiRWC WA M: 0404 808 012E: victor.aloi@raywhite.com* Approximate