Sitting on 1756m2 of land we have a 4x1 fibro dwelling that requires some TLC and 4 tilt storage units providing 100m2 of storage space each.
A splash of paint and sanding and polishing the jarrah flooring would transform the home into an ideal rental.
Each storage unit is approx 14x7.5m in dimension and they offer plenty of height. Replacement cost of the storage units well exceeds $300k. The location of this facility is very convenient as it is very close to all of the action around both the main wharf and the fishermans wharf.
The storage units have an excellent rental history with 2 leased the other 2 only recently became vacant; the owner has chosen to leave vacant whilst the property is on the market.
With some tidy up work on the house there is potential to achieve a rental in the $300pw range, add this to the rental of the 4 storage units currently at $100pw and then you have an income in excess on $35,000pa.
Due to the area of the land holding there is scope to demolish the house and add additional storage units, the zoning is commercial.
Central and convenient location
Land area of 1756m2 and 30m frontage
Solid income return with scope to improve
4x storage units of 100m2
Minimal work on house to achieve good rental income
Investment potential to pay for itself
Storage units are very secure
Imagine the demand for this type of storage facility if Geraldton and the Oakajee Port project moves forward.
The current rental charged for the units is $50 per m2 this is below the market average of approx $70 - $75 per m2 for similar storage facilities. This leaves scope for a new owner to increase the income as up to this stage the facility has never been advertised to attract new tenants.
Geoff Lee : 0427 649 419
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