OFF MARKET

126-128 Murray Street
Colac VIC 3250

Bedrooms: 3
Bathrooms: 2
Car spaces: -
Floor area: 215m2
Land area: 290m2
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Last updated 11 Nov 2024
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Property Details for 126-128 Murray St, Colac

126-128 Murray St, Colac is a 3 bedroom, 2 bathroom Unit. The property has a land size of 290m2 and floor size of 215m2.

Building Type
Unit
Floor Size
215m2
Land Size
290m2
Local Government
Colac Otway

Last Listing description (January 2024)

'Norwich Chambers' is a charming, well maintained two-storey red brick building situated in the heart of Murray Street (Princes Highway), Colac. Built in 1907 for Charles Johnstone as an insurance office, the building is noted as an important example of a conservatively designed Federation Romanesque style single fronted commercial residential building.
On the second floor is beautifully presented apartment, offering two bedrooms, and two bathrooms plus an office. A large living and dining area is adjacent to a modern, well-appointed kitchen with electric appliances, dishwasher and huge pantry. The main bedroom has a large ensuite bathroom with spa, and there is a second smaller bathroom and European laundry. The office space would also double as a third bedroom if required. A large rear deck provides an outdoor entertaining area. The apartment is fully furnished and currently let at $450 per week. The apartment offer flexibility, as it has previously been operated as Airbnb, short term stay accommodation and would be a wonderful townhouse to occupy as you are within sight of Memorial Square, Woolworths, cafe and shops.
The ground floor has been the long-term home for a travel agency, and currently operates as Hello World travel, Australia's largest network of franchised travel agents. The travel business has operated from the building for more than 28 years. In February 2023 a new five-year net lease was signed, with three further five-year terms, demonstrating a long-term commitment to this premium location.

'Norwich Chambers' has rear lane access, with carparks onsite. It will provide an astute investor with a secure income of $57,231.85 per annum (+GST), with the security of annual CPI increases (applicable to commercial lease). The property will be eligible to benefit from the regional stamp duty concession of 50% currently available.

Property History for 126-128 Murray St, Colac, VIC 3250

A timeline of how this property has performed in the market
  • 19 Jun 2023
    Listed for Sale $950,000
  • 03 Jul 2011
    Listed for Sale FORTHCOMING AUCTION
  • 11 Mar 1995
    Listed for Sale Not Disclosed

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About Colac 3250

The size of Colac is approximately 37.5 square kilometres. It has 20 parks covering nearly 2.3% of total area. The population of Colac in 2011 was 8,696 people. By 2016 the population was 9,066 showing a population growth of 4.3% in the area during that time. The predominant age group in Colac is 20-29 years. Households in Colac are primarily childless couples and are likely to be repaying $1000 - $1399 per month on mortgage repayments. In general, people in Colac work in a labourer occupation. In 2011, 67.4% of the homes in Colac were owner-occupied compared with 66.6% in 2016.

Colac has 5,512 properties. Over the last 5 years, Houses in Colac have seen a 42.29% increase in median value, while Units have seen a 28.04% increase. As at 31 October 2024:

  • The median value for Houses in Colac is $441,147 while the median value for Units is $368,492.
  • Houses have a median rent of $440 while Units have a median rent of $365.
There are currently 19 properties listed for sale, and 5 properties listed for rent in Colac on OnTheHouse. According to CoreLogic's data, 198 properties were sold in the past 12 months in Colac.

Suburb Insights for Colac 3250

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Disclaimer
Whilst all reasonable effort is made to ensure the information in this publication is current, CoreLogic does not warrant the accuracy or completeness of the data and information contained in this publication and to the full extent not prohibited by law excludes all for any loss or damage arising in connection with the data and information contained in this publication.