FOR SALE $1,500,000 PLUS GST $150,000

PROPERTY DETAILS:
LAND AREA:
The property is a rectangular shaped lot with an area of 759 square metres and a frontage to Glyde Street of 15.1 metres, a rear frontage to Waite Lane of 15.1 metres and a depth of approximately 50.3 metres.

TITLE DETAILS:
Lot 5 on Plan 1341, Volume 1028 Folio 898
A copy of a recent Certificate of Title search is attached with this report.

ZONING:
Located within the Town of Mosman Park, the property is zoned “Business R50” under the current Town Planning Scheme.
The current Town Planning Scheme permits a maximum plot ratio of 0.8 and a maximum building height of 2 storeys. The minimum car parking requirement for administrative, commercial and professional offices is 1 space to each 40 square metres of floor area. Restaurants are required to provide 1 bay per 10 square metres of floor area and a minimum of 6 bays. Retail shops need to provide 1 bay for every 12.5 square metres of gross floor area.

LOCATION:
The property is located close to the corner of Glyde Street and Stirling Highway within the prestigious riverside suburb of Mosman Park, approximately 12 kilometres south west of the Perth CBD.
Mosman Park is a highly regarded and sought after western suburb with this property being located in the retail and commercial strip concentrated around Glyde Street and Stirling Highway.

REAR ACCESS / RIGHT OF WAY:
The property has rear access via Waite Lane, which is a significant benefit for future development and accessibility to the property.

PROPERTY IMPROVEMENTS:
The buildings on the property comprise 3 adjoining single level ‘strip shop’ building constructed from limestone footings, timber flooring, rendered brick elevations and iron clad roof. The rear half of the building comprises fibro and iron elevations.
The buildings have been physically linked internally and they are also linked to the adjacent Number 8 and 6 Glyde Street via the removal of an internal dividing wall.
Internally, there are a number of display / studio rooms, plus an office and storeroom. The lower level, accessed via ramp comprises storage sheds, office and tea preparation area. The building has an approximate gross area of 508 square metres, which comprises the shop area of approximately 247 square metres, office area of approximately 55 square metres and the lower level storage area of approximately 206 square metres. External improvements comprise a concrete driveway and an undercover carport for 2 cars.

LEASE DETAILS:
Based on the information provided to us by the Registered Proprietors, the following is a summary of the current lease / tenancy details:
10, 12 & 14 Glyde Street:
Leased on a monthly tenancy basis to Frank Prowse Hi-Fi. The current annual rental is $43,754 net of outgoings and GST.
Outgoings for the property, as advised by the Registered Proprietor and the Town of Mosman Park is:

Water (2008): $1,101.05
Council (2008): $3,841.74
Land Tax (2008): $1,358.69 (estimate)

GOODS AND SERVICES TAX:
GST will apply to the sale and be payable in addition to the sale price.
SUMMARY:
This property features:
·A prime Mosman Park location close to the corner of Stirling Highway;
·Business R50 zoning which provides scope for future development;
·2 Street frontages – Glyde Street and Waite Lane;
·Existing improvements which could be leased on a short term basis to provide holding income pending future development.

The property provides a tremendous investment and development opportunity in a tightly held, blue-chip location.
Property such as this within Mosman Park do not become available often and together with the neighbouring properties of 4, 6 & 8 Glyde Street and 16 to 20 Glyde Street also being available to purchase by Auction, the 3 adjoining properties would provide an excellent commercial and residential re-development opportunity with a combined 3 street frontage at the “Gateway to Mosman Park”.