4/240 Varsity Parade

Varsity Lakes QLD 4227

Prime Location: Ground floor position with prominent double street frontage, offering exceptional visibility and ease of access.
Existing Income Potential: This 104m strata title unit generates a conservative net income of $52,000* per annum, with 4% annual rent increases. The rent is currently below market rates, presenting an opportunity for income growth.
Lease Details: The current lease has 2 years remaining as of September 2024, with 3 x 3-year options available, including provisions for market rent reviews in less than 24 months.
Tenant Stability: The property is tenanted by a long-term, reputable operator, also running Haveli Authentic Indian Cuisine in Broadbeach since 2014.
Alfresco Area: The tenancy benefits from an exclusive use external alfresco area of 44m2 within the building's common area (managed by the body corporate, not the Gold Coast City Council).
Additional Income Potential: Beyond the potential to increase rent upon market review to align with the market, the asset also includes two car parks not currently used by the tenant, which can be leased to generate additional income.

This property represents an outstanding opportunity for entry-level passive investors, Self-Managed Super Funds, and those with future owner-occupier intentions. The property is available for sale via Expressions of Interest, closing on Tuesday, 8th October 2024, at 4:00 PM (AEST).

For more information or to arrange a viewing, please contact our exclusive listing agent:

Ryan Chandler
Phone: 0415 805 277

Disclaimer:
We have prepared this information to the best of our ability, ensuring accuracy and truthfulness. However, we accept no responsibility and disclaim all liability for any errors, omissions, inaccuracies, or misstatements that may occur. Prospective vendors, purchasers, and tenants should make their own inquiries to verify the information contained herein.