Comprising a two storey brick commercial building with mixed use accommodation and retail/entertainment uses, this fully leased freehold investment generates a current net income of approximately $429,355 per annum.
The major tenant is Alloggio Hotels, a national accommodation provider occupying approximately 774m² under a 10+5 year lease. Their tenancy comprises 19 self contained studio rooms together with associated communal facilities including lounge, dining, kitchen, laundry and storage areas. The accommodation component was extensively refurbished in recent years and benefits from substantial depreciation allowances.
The ground floor comprises two additional tenancies. Maniax Newcastle occupies approximately 328m² under a 5+5 year lease and operates an axe throwing, restaurant and bar venue. Newcastle Podcast Station occupies the remaining tenancy of approximately 25m².
Positioned on a prominent King Street site within Newcastle's CBD fringe precinct, the property benefits from a substantial street frontage and is located close to Newcastle Harbour, Newcastle Beach, the light rail network and the East End renewal precinct.
