26 Canon Street, Timaru, Canterbury

26 Canon Street, Timaru, Canterbury CBD investment, one unit or entire property

• Two options to buy; the ground floor unit or both units (ground and first floor)

• 760sqm land area (more or less)

• Returning a net income of $71,514pa for the ground floor and $75,484 for the first floor, plus GST and OPEX

• Long-standing tenants

Situated in the central business district, this outstanding opportunity presents investors with a chance of securing a tidy and very well-maintained commercial asset in Timaru. This is the ground floor of a two-storey Stratum in Freehold property with the two units both owned by the vendor. For interested buyers, the vendor will consider appropriate offers on the entire property - both units, encompassing ground and first-floor leases.

Built in 1987 by the vendor with an extension completed in 2010 that increased floor area. This building has a long-standing and close relationship between the parties.

The bottom floor lessee is an iconic Timaru optometrist and has recently signed a Deed of Variation of Lease agreeing to further Rights of Renewal each of three years. This takes the final expiry date out to March 2030. The first-floor lessee is an established accounting practice and has occupied the property since built. This lessee has also just signed on for two further Rights of Renewal.

The South Canterbury economy has weathered well and has a strong agricultural and industrial base, providing investors with confidence.

This is an opportunity to be looked at. A comprehensive Information Memorandum is available upon request.