LG4/10 Parbery Street, Kingston ACT 2604
Published Auction Reserve: $800,000
Auction:
A rare opportunity to secure a flexible two-level property combining commercial premises downstairs with separate residential accommodation upstairs - all within Kingston's distinctive Kingsborough precinct.
The property is being offered with vacant possession, allowing the successful buyer to occupy it, operate their own business, secure new tenants or investigate separate income opportunities across the two levels.
The owner's business and family commitments have changed, and a clear decision has been made to sell. To give buyers certainty, the owner has established a published auction reserve of $800,000-below the independent valuation of $950,000 excluding GST completed in March 2024.
The property will not be sold before auction. Buyers will have time to review the documentation, arrange finance and prepare to bid without pressure.
A Flexible Live-and-Work Property:
Operate your business downstairs while living upstairs. Use the upper level as private accommodation, a Canberra base or short-stay accommodation.
Alternatively, investigate leasing the property to generate an ongoing return.
The property was previously subject to an ongoing tenancy returning approximately $80,000 per annum, including outgoings.
This historical rental information is provided as a guide only. The property is not being sold subject to that tenancy, and the previous return does not represent a current lease or guarantee of future income.
The Property Consists Of:
Ground floor Area - 49m² (with 32m² commercial area)
Upper-level residential area - 64m²
Total internal lettable area - 113m²
Private garage - 15m²
Balconies - 14m²
Total area, including all listed spaces - 142m²
Commercial Space Downstairs:
The approximately 32m² lower-ground commercial space offers direct pedestrian access and a flexible open-plan layout that can be configured to suit a variety of business or professional uses. Positioned facing a well-maintained landscaped courtyard with established trees and lawn, the space enjoys a pleasant outlook while remaining easily accessible for clients, with ample street parking available nearby.
Previously used by a property management business and a barber, the space has been returned to a clean, neutral condition and is ready for its next owner or tenant.
Features include:
Approximately 32m² of commercial space
Direct pedestrian access
Flexible open working area
Kitchenette
Powder room
Reverse-cycle heating and cooling (Fujitsu)
Possibility to request outside seating
Internal access to the private garage
Residential Accommodation Upstairs:
The approximately 64m² upper level provides self-contained residential accommodation with good separation from the commercial space below.
Features include:
One bedroom
Separate study or flexible additional room
Open-plan living and dining area
Full kitchen
Generous bathroom with concealed laundry
Front and rear balconies totaling approximately 14m²
Reverse-cycle heating and cooling (Mitsubishi Electrical)
Private separation from the commercial level
Private Garage and Complex Facilities:
The property includes an approximately 15m² private garage with internal access.
Owners and occupants can also enjoy facilities within the Kingsborough development, including:
Rooftop garden and barbecue area
Landscaped common areas
Visitor parking
Full-time building manager
NBN fibre to the premises
Potential to install an EV charger with Owners Corporation approval
Additionally, there are a number of small businesses in the complex including cafes, a swimming pool and gymnasium.
Permitted Uses:
The Crown lease provides for residential use and a broad range of additional uses, including non-retail commercial use, serviced apartments, guest houses, restaurants, shops and tourist facilities, subject to the relevant conditions and approvals.
The independent valuation report records the property's existing use as an office and residential short-term holiday rental and states that this appears to be a conforming land use. Buyers must make their own enquiries regarding their intended use, including any planning, licensing and Owners Corporation requirements.
Who Should Consider This Property?
The property may appeal to:
Business owners wanting to work downstairs and live upstairs
Investors seeking a property with multiple potential income sources
Professionals requiring a commercial premises and Canberra base
Interstate businesses needing premises and accommodation
Buyers seeking commercial premises with separate residential space
Families wanting independent accommodation for a relative
Owner-occupiers looking for an unconventional live-and-work arrangement
Independent Valuation:
Egan National Valuers assessed the property at $950,000 excluding GST as at 7 March 2024.
The valuation adopted an imputed gross annual rental of $52,000 and assessed the property on a vacant-possession basis.
This is a historical valuation, subject to the assumptions and limitations contained in the valuation report. It is not a...
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