42-44 Prince Street Grafton NSW 2460
Sold $620,000
- Property Type Retail
- Land area approx 360.00sqm
- Floor area approx 350sqm
- Region Northern Rivers
- Locality Clarence Valley
TWO GROUND FLOOR RETAIL SPACES
Tenanted by well-known local business Grafton Bakery Cafe and Paper Daisy Florist this ground floor holding in the centre of Grafton's main street offers two rental incomes, two street frontages (Prince & Imeson) and a whole heap of potential!
Existing leases are at or near expiry and show a return of approx $37,000 pa from the bakery and $25,000 pa from the florist (plus GST). Tenants contribute to water usage charges but the Council rates ($5182 for 2024 FY) and building insurance ($4500) are covered by the owners. This is a net return of around $52,000 for FY 2024.
The large retail spaces offer tenants ample showroom/reception and back area and the rear lane frontage allows for supplier drop off and staff access.
Long term owners now keen to sell to facilitate their retirement. The florist tenancy ends soon and they will be vacating, the bakery tenant has indicated they may be willing to negotiate a new lease.
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Angus McKimmMcKimms Real Estate Grafton