SOLD
RECENT ADVICE
Sold on 04 Jun 2024 for $712,500

144-148 Nicholson Street
Orbost VIC 3888

Bedrooms: -
Bathrooms: -
Car spaces: -
Land area: 700m2
Sold By
Coast To Country Real Estate Bairnsdale
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Property Details for 144-148 Nicholson St, Orbost

Building Type
Commercial
Land Size
700m2
Local Government
East Gippsland
Lot/Plan
1/PS316124

Last Listing description (August 2024)

Known locally as “The Arcade”, 144-148 Nicholson Street is one of the more modern buildings in the Orbost CBD. Zoned Commercial 1, the property is of solid brick construction and runs between Nicholson Street and the council managed carpark to the rear. The property comprises four separate titles, plus an outdoor common area as the centerpiece of the building. Three units have direct street frontage to Nicholson Street, whilst the other six are more private and accessed from the common area.

The property is professionally managed onsite by Coast to Country Real Estate which occupy three units. Other tenants include a Laundromat and a State Government Health service which occupies two units. Roller doors front and rear provide extra security for the units without street frontage, whilst there are toilets in the complex. A curved awning at the front on the building covers the footpath.

With a current gross rent of approximately $76,000 with tenants paying most outgoings, this represents a gross return of around 10.4% and a perfect opportunity for a savvy investor to set themselves up with a passive income stream from a solid, well-maintained building that shouldn't require a lot of ongoing maintenance. With the four separate titles in the building, there is also the potential for the new purchaser to offer individual titles for sale in the future. Please contact Toni Spires on 0468 947 942 for more information.

Property History for 144-148 Nicholson St, Orbost, VIC 3888

A timeline of how this property has performed in the market
Last Sold
$712,500
04 Jun 2024
Listed for Rent
$339/w
31 Jan 2018
  • 04 Jun 2024
    Sold for $712,500
  • 03 Jan 2018
    Listed for Rent $17,680 / year
  • 18 Oct 2017
    Listed for Rent $17,680 / year
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About Orbost 3888

The size of Orbost is approximately 208.6 square kilometres. It has 9 parks covering nearly 86.4% of total area. The population of Orbost in 2011 was 2,493 people. By 2016 the population was 2,231 showing a population decline of 10.5% in the area during that time. The predominant age group in Orbost is 60-69 years. Households in Orbost are primarily childless couples and are likely to be repaying $1000 - $1399 per month on mortgage repayments. In general, people in Orbost work in a labourer occupation. In 2011, 69% of the homes in Orbost were owner-occupied compared with 69.9% in 2016.

Orbost has 1,628 properties. Over the last 5 years, Houses in Orbost have seen a 75.04% increase in median value, while Units have seen a 69.10% increase. As at 30 September 2024:

  • The median value for Houses in Orbost is $316,290 while the median value for Units is $275,788.
  • Houses have a median rent of $360.
There are currently 29 properties listed for sale, and no properties listed for rent in Orbost on OnTheHouse. According to CoreLogic's data, 57 properties were sold in the past 12 months in Orbost.

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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.