314-316 Murray StreetColac VIC 3250
Property Details for 314-316 Murray St, Colac
Last Listing description (April 2024)
Blue chip investment opportunity in a growing regional city, featuring a solid brick retail premises fronting the Princes Highway (Murray Street) and with convenient rear lane access for deliveries and loading. The property is positioned among fast food and convenience retailers on the busy Highway.
Haymes Paints retails from the site, with a 20 plus year history of business in this location. The property provides a solid $33,736 per annum income stream with the benefit of annual 3% rent increase. The current five-year term has more than two years remaining, with a further five-year option to follow, with a market review applicable at the option date.
This is a golden opportunity to acquire a sound investment, which will ideally suit those seeking an easy to manage investment, with some potential upside. It should be of particular interest to those with self-managed super funds seeking cash flow and growth.
Property History for 314-316 Murray St, Colac, VIC 3250
- 08 Mar 2024Sold for $580,000
- 23 Feb 2024Listed for Sale $590,000
- 17 Mar 2021Listed for Rent - Price not available
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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 5,501 properties. Over the last 5 years, Houses in Colac have seen a 43.94% increase in median value, while Units have seen a 26.16% increase. As at 30 September 2024:
- The median value for Houses in Colac is $432,100 while the median value for Units is $358,319.
- Houses have a median rent of $430 while Units have a median rent of $360.
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