Rare Blue Chip Investment Opportunity Coveted Beachfront Position

With a recent upgrade of this Blue Chip ICONIC waterfront mixed commercial and residential building, has certainly drastically increased its desirability factor.
With the recent completion of two new penthouse apartments, this marvel certainly will astound. Creating two new extra income streams for the astute investor.
The front of the building has had a face lift with its fresh new olive, charcoal greyish complexion.

Prominently positioned on Manly’s thriving beachfront strip just 50m from The Corso, this boutique mixed business development with spectacular ocean views shows excellent returns, substantial future projected capital growth and scope to value add.

It is comprised of 3 levels of retail and 3 levels of residential apartments and approval to build 2 penthouse apartments with all facilities already connected. Every square metre is currently leased and a low vacancy rate will always be assured in this prime sought after location.

The retail component is leased by an established concern that has forged a reputation as a relaxed venue to lunch and unwind during the day and the place to be seen kicking up your heels when the sun goes down. With ocean views from two levels, it consists of a boutique brassiere, vibrant bar and hip and happening night club.

Serviced by a secure lift, the 6 residential apartments are ultra-sleek, superbly appointed, generously proportioned with 2 of them featuring spectacular views from the across the surf to wide Pacific horizons.

This is an unrepeatable opportunity to acquire a rare mixed use investment in select position on Manly’s coveted beachfront with the very real potential to strata title each of the retail and the residential components and complete the construction of the penthouse
s.

Other features:-

• Rear lane access from Henrietta Lane through to Manly Beach and Corso
• Double brick construction and solid concrete façade
• 200mm slab floors
• Night club – floors and ceilings have been sound proofed
• All residential units – 6mm toughened glass through kitchens and bathrooms
• All residential units fitted with spa baths
• 3am Liquor License
• Residential floors can be converted to commercial premises

LOCATION

• Directly across the road from the internationally famous Manly Beach
• 50 metres from The Corso and humming cafes, restaurants and bars.
• 100 metres from tennis courts
• Minutes walk to picturesque Shelly Beach
• Easy walk to a further five secluded harbour side beaches
• Level 3 minute walk from Manly Wharf and buses, 15 minutes on the fast ferry or 30 minutes on the ferry from the city
• 10 minutes drive from Warringah Mall.
• 30 minutes drive from the city

LIFESTYLE

From the first glimmer of morning light till the wee hours of the morning, vibrant Manly offers an endless array of exciting activities which begin right at the doorstep. Watch the sunrise, walk the beach or surf the waves at dawn, try breakfast at one of the trendy beachside cafes, explore the numerous walks across secluded harbour side beaches, lunch by the wharf and harbour perhaps, watch the endless activities and world go by along ‘The Corso’, maybe a quick trip into the city by fast ferry (14mins) or ferry (30 mins), and if you’re still up for it, finish the day in one of a host of thriving eateries or night spots which cater for all moods, demographics and tastes. The gateway to the northern beaches and only a breath away from the city, day-to-day life in the seaside town of Manly is like being on holidays all year round.

COMMERCIAL

RETAIL BREAK DOWN

• Tenant: Henry Afrikas
• Lease: 2 options for five (5) years each
- Rent per calendar month $55,000.00 including GST
- Commencing 17th November 2006 to 16th November 2011
• Approx 1000 SQM over the 3 levels
• Extras – eg kitchen, bar, service access, bathrooms and disabled bathrooms

ACTUAL OUTGOINGS FOR 2009-2010
Rate for Outgoings at 54.24% per annum
Per annum 54.24%
Manly Council Rates $24,499 $13,288
Land Tax $22,000 $11,933
Water rates & usage $12,508 $6,784
Insurance $10,000 for the first year increasing by 5% per annum
2010 year $19,698 $12,155

COMMERCIAL - ACTUAL BREAKDOWN

• $660,000 pa plus 54.24% of building outgoings
• $42,849 towards outgoings

RESIDENTIAL

RESIDENTIAL BREAKDOWN
Each of the apartments feature exceptionally spacious living area, balconies, ultra-sleek kitchens with gas stoves and dishwashers, chic bathrooms with secure undercover car spaces.

Potential Income from Residential units: $390,000 pa calculated on unfinished penthouses’.
Current actual rent: $235,000 pa

All Inquiries Please Contact Spiros
(02) 8011 3336 / +61 2 8011 3336 or
0410 11 11 22 / +61 410 11 11 22

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