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OVERVIEW
With a recent upgrade of this Blue Chip ICONIC waterfront mixed commercial and residential building, has certainly drastically increased its desirability factor.
With the recent completion of two new penthouse apartments, this marvel certainly will astound. Creating two new extra income streams for the astute investor.
The front of the building has had a face lift with its fresh new olive, charcoal greyish complexion.
Prominently positioned on Manly’s thriving beachfront strip just 50m from The Corso, this boutique mixed business development with spectacular ocean views shows excellent returns, substantial future projected capital growth and scope to value add.
It is comprised of 3 levels of retail and 3 levels of residential apartments and approval to build 2 penthouse apartments with all facilities already connected. Every square metre is currently leased and a low vacancy rate will always be assured in this prime sought after location.
The retail component is leased by an established concern that has forged a reputation as a relaxed venue to lunch and unwind during the day and the place to be seen kicking up your heels when the sun goes down. With ocean views from two levels, it consists of a boutique brassiere, vibrant bar and hip and happening night club.
Serviced by a secure lift, the 6 residential apartments are ultra-sleek, superbly appointed, generously proportioned with 2 of them featuring spectacular views from the across the surf to wide Pacific horizons.
This is an unrepeatable opportunity to acquire a rare mixed use investment in select position on Manly’s coveted beachfront with the very real potential to strata title each of the retail and the residential components and complete the construction of the penthouses.
COMMERCIAL
RETAIL BREAK DOWN
• Tenant: Ground level restaurant, bar + lower ground level nightclub $8,000 + gst per week
• Lease: 2 options for five (5) years each
– Rent per calendar month $55,000.00 including GST
– Commencing 17th November 2006 to 16th November 2011
• Approx 1000 SQM over the 3 levels
• Extras – eg kitchen, bar, service access, bathrooms and disabled bathrooms
Level 1 Restaurant $4,500 per week
ACTUAL OUTGOINGS FOR 2009-2010
Rate for Outgoings at 54.24% per annum
Per annum 54.24%
Manly Council Rates $24,499 $13,288
Land Tax $22,000 $11,933
Water rates & usage $12,508 $6,784
Insurance $10,000 for the first year increasing by 5% per annum
2010 year $19,698 $12,155

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