Most-viewed properties: Long line forms for erotic massage parlour
A trio of Sydney terraces that are home to a popular massage parlour are still waiting on their happy ending, with the properties still on the market despite being the most-viewed commercial listing in Australia.
The Ultimo property is the headquarters of Masstige 8 – an erotic parlour with a lease on the buildings until 2031.
It was due to go to auction last week but is now being listed for sale via expressions of interest.
Agents from Ray White Commercial say early interest was around the $6.7 million mark, while the buildings have the potential for a number of uses, including boarding houses, childcare, commercial premises, hotel accommodation, entertainment facilities or a function centre.
REA Group chief economist Nerida Conisbee says the commercial property market is remaining sturdy despite the ongoing shadow of COVID-19.
“The market seems to be holding up quite well for commercial property,” Conisbee says.
“Surprisingly we’re not seeing a massive increase in listing volumes, so no one’s selling out. It looks like people just are fully aware that the market’s a bit strange at the moment and so they’re holding off (selling).”
“I think we’ve seen a pullback of listings to market as people try and work out what’s happening.”
Here are the week’s most popular commercial properties across each Australian state.
VIC: FRUIT FARM RIPE FOR PICKING
Marketed as an opportunity to “become a long-term partner in one of Australia’s per-eminent, vertically integrated fresh fruit businesses”, this Victorian fruit farm presents as a sweet deal.
Occupying 845ha with the potential to grow further, the property includes 509ha of established orchards growing apples, pears, stone fruit, cherries and mandarins.
It also includes 173ha of vacant land suitable for development, as well as 2789 megalitres of irrigation water share entitlements.
Agents say investors have the chance to secure a majority stake in a consolidated horticultural business.
QLD: NEW TENANT READY FOR BANK BUILDING
Whoever buys this Brisbane building won’t have to worry about tenants for some time.
While Westpac’s lease ends in May next year, new tenant Organicann Pty Ltd will move in immediately on a five-year lease with two five-year options, returning $175,000 per annum plus GST and all outgoings.
The 562sqm A-grade office has long list of amenities along with 17 exclusive-use car parks and full building signage rights.
Only 10km south of the CBD, the property is listed as an “urgent sale”, with the owner ready to consider options before its auction date on August 20.
SA: FORMER ORPHANAGE A RUNAWAY HIT
A week after being Australia’s most-viewed property, a former orphanage just meters from the beach near Adelaide is again among the top listings.
The property, owned by the Sisters of St Joseph for more than century after opening as an orphanage in 1906 at Largs Bay, offers the rare opportunity to secure 6640sqm of land immediately opposite the beach.
Now on the market for the first time in 114 years after becoming “surplus to requirements” for the religious group, agents say it is likely to become a future development site.
Held on five separate titles, the property has 81 metres of street frontage and a potential height limit of nine metres. An expressions of interest campaign closes on August 19.
WA: A GOOD YEAR TO BUY THIS RETAIL OUTLET
Whether you’re seeking a readymade business, an investment opportunity or a prime development site, this WA property could have what you need.
The Applecross property is occupied by a Good Year tyre outlet, which is also for sale, along with a smaller shop on a month-to-month tenancy but with the desire for a longer-term lease.
At 696sqm the corner site will also hold appeal for developers as a mixed-use opportunity with high passing traffic exposure.
Expressions of interest to purchase the asset close on August 17.
TAS: TINY RETAIL STILL ON TOP
A tiny Tasmanian retail property has punched well above its weight for the second week in a row, leading the state’s commercial property listings.
The small – and cheap – shopfront at Lindisfarne could be a blank canvas for a new tenant or cafe operator, having previously been the home of the Lindesfarne Historical Society.
The 25sqm space is being offered for just $6300 per annum plus GST and comes with concrete floors, a small heat pump and access to an upstairs toilet.
It is available from early next month.
ACT: STRENGTH IN STRIP SHOP
This Weetenarera listing is getting just the right treatment, ranking number one in the ACT for the second week in a row.
A strong lease, a solid potential yield and an affordable price point all weigh in the small shop’s favour, with the property leased to an exercise physiologist on a five-year agreement, with further options, and returning a gross annual income of $23,185.50.
With an asking price of just $275,000 and 2.5% annual rent increases, it represents an opportunity for entry-level investors.