6 Edward StreetDevonport TAS 7310
Property Details for 6 Edward St, Devonport
Last Listing description (February 2024)
Halliwell Property Agents is pleased to exclusively offer this well positioned investment property to the sale market. It presents an excellent opportunity for astute investors to secure CBD premises, with the offering comprised of two Titles (6 and 8 Edward Street), which is fully leased to three excellent tenants.
The property is in excellent condition, with modern updates throughout and presents a low maintenance option for those who value quality. It's ability to offer diversity and flexibility through the three separate lease areas should it be required in future, also provides an excellent spread of risk to the purchaser.
The tenants consist of Six Rivers Aboriginal Corporation who have just commenced their lease at 8 Edward, the immensely popular Fundamentals Espresso Bar at 6a Edward Street, and a boutique wine bar to the rear at 6b Edward Street. All have onsite private parking in the car park area to the rear of the Titles.
This site is well positioned to take advantage of the adjacent Living City development that is transforming the Devonport CBD, as well as being neighboured by a recently constructed inner-city residential offering, public Council car park and Zap Fitness, among other commercial operations. The site also gains benefit to it's tenancies by having Rooke Lane running adjacent to the rear boundary, allowing couriers and deliveries to the rear entrance of each tenancy.
The two Titles total approx. 220sqm of building space on a combine land area of 432sqm.
Total net rental income currently $60,762 pa.
With a listing price of $950,000, a net ROI of approx. 6.4% is on offer, with further growth in the new year, as well as offering investors an excellent spread of risk, securing well maintained property in an increasingly popular commercial market. GST is not expected to apply.
Please note photos of 6B are previous tenancy, currently undergoing renovation to the wine bar as noted.
Please contact Colin Rowlands at Halliwell Property Agents with all enquiries or to schedule an inspection.
Property History for 6 Edward St, Devonport, TAS 7310
- 23 Nov 2023Sold for $895,000
- 03 Apr 2023Listed for Rent $11,992 / year
- 23 Nov 2022Listed for Sale $950,000
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0About Devonport 7310
The size of Devonport is approximately 10.2 square kilometres. It has 15 parks covering nearly 13.3% of total area. The population of Devonport in 2011 was 14,009 people. By 2016 the population was 13,761 showing a population decline of 1.8% in the area during that time. The predominant age group in Devonport is 50-59 years. Households in Devonport are primarily childless couples and are likely to be repaying $1000 - $1399 per month on mortgage repayments. In general, people in Devonport work in a professional occupation. In 2011, 62.2% of the homes in Devonport were owner-occupied compared with 59.4% in 2016.
Devonport has 7,648 properties. Over the last 5 years, Houses in Devonport have seen a 74.99% increase in median value, while Units have seen a 75.79% increase. As at 31 October 2024:
- The median value for Houses in Devonport is $456,343 while the median value for Units is $401,116.
- Houses have a median rent of $420 while Units have a median rent of $355.
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