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JLL are pleased to exclusively present 218-228 Songer Street, Stoke for sale with an asking price of $4,650,000 plus GST. The property is situated within the strong performing Nelson Region with a near 7% return, regular rent reviews and established, long-term tenants attributing to a weighted average lease term of ca 8.5 years.
The property occupies the prominent corner site of Main Road Stoke and Songer Street, with underlying 3,512m² of freehold land split across four titles. This opportunity is underpinned by two strong commercial leases; The iconic Turf Hotel, which has occupied the site for the last six decades featuring a traditional kiwi sports bar and gaming lounge with 18 machines, TAB facilities and a separate Bar & Restaurant (rebuilt in 2016) with a 6-room accommodation facility upstairs. The second commercial lease is to national liquor retailer (Liquor-land) who occupy a separate freestanding building on the Songer Street side of the property. Above the Liquor-Land is also a self-contained, four-bedroom residential tenancy on a fixed term lease arrangement directly with the landlord. The three combined annual net rental streams total $322,692 plus GST per annum plus outgoings.
The property benefits from its prominent Nelson fringe location, amongst the population growth and strength of the housing market in the Nelson Tasman Region. As a split risk investment with three tenants, this well presented, fully leased asset generates a combined annual net income of ca. $322,692 plus Outgoings and GST. Having also been recently earthquake strengthened, this investment opportunity is a worry-free, bottom drawer winner.
For further details on this opportunity please contact the exclusive listing brokers below