SOLD
Sold on 09 May 2024 for $320,000

215 Grey Street
Glen Innes NSW 2370

Bedrooms: -
Bathrooms: -
Car spaces: -
Land area: 525m2
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Property Details for 215 Grey St, Glen Innes

Building Type
Commercial
Land Size
525m2
Local Government
Glen Innes Severn
Lot/Plan
2/DP235493

Last Listing description (April 2023)

This property has been home to Peppermints Coffee Lounge for the last 17 years, but now comes the time for the owners to retire.

The shop is well suited to just about any enterprise, from hospitality & retail through to offices. The property is zoned local centre meaning that the building can be used for a range of different uses if hospitality is not your cup of tea. With 105 sqm inside, there is plenty of room as a blank canvas for the incoming tenant. A rental appraisal has been completed estimating the rental return of the shop alone at $400/week.

Behind the caf is a great courtyard and two bedroom flat sitting above a one car garage with plenty of storage. The flat alone is currently renting for $185/week however could be increased to $250/week with the inclusion of the courtyard & garage.

215 Grey Street offers the astute investor returns of up to 8.8% gross (7.5% net) across both a commercial and residential front with a basic restructure to its rental.

Included in the sale is the business itself on a Walk In Walk Out Basis. This allows the purchaser to pursue their hospitality dreams with little setup costs. The property is in a prime location next to Coles and is currently the only cafe in the Southern Section of Grey Street. The cafe comfortably fits 36 people inside and a further 20 in the rear outdoor area. There is great scope to expand the operating hours of the business and even bring it into the evening trade. The cafe also has reverse cycle air conditioning and an internal public toilet. There is also a new front awning.

For more information, please contact Peter on 0429 910 977 or Matthew on 0437 015 018

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Property History for 215 Grey St, Glen Innes, NSW 2370

A timeline of how this property has performed in the market
Last Sold
$320,000
09 May 2024
Listed for Rent
$399/w
14 Apr 2023
  • 09 May 2024
    Sold for $320,000
  • 15 Dec 2022
    Listed for Rent $20,800 / year
  • 09 Sep 2022
    Listed for Sale Not Disclosed
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About Glen Innes 2370

The size of Glen Innes is approximately 198.3 square kilometres. It has 20 parks covering nearly 3.2% of total area. The population of Glen Innes in 2011 was 6,135 people. By 2016 the population was 6,146 showing a population growth of 0.2% in the area during that time. The predominant age group in Glen Innes is 60-69 years. Households in Glen Innes are primarily childless couples and are likely to be repaying $1000 - $1399 per month on mortgage repayments. In general, people in Glen Innes work in a professional occupation. In 2011, 67.6% of the homes in Glen Innes were owner-occupied compared with 65.3% in 2016.

Glen Innes has 3,830 properties. Over the last 5 years, Houses in Glen Innes have seen a 86.80% increase in median value, while Units have seen a 43.00% increase. As at 31 October 2024:

  • The median value for Houses in Glen Innes is $349,454 while the median value for Units is $274,211.
  • Houses have a median rent of $360 while Units have a median rent of $263.
There are currently 75 properties listed for sale, and 6 properties listed for rent in Glen innes on OnTheHouse. According to CoreLogic's data, 159 properties were sold in the past 12 months in Glen innes.

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