11-17 Stewart Street
Devonport TAS 7310
- 9 Parks
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Fully leased in the heart of the Devonport CBD - Anticipated 7.5%* return
We are pleased to present this fully leased, two story office building to the market. The property is strategically positioned within the CBD, in proximity to the Post office, major banks and the Rooke Street Mall along with convenient access to Formby Road and the Mersey River. The site of approximately 1,004* sqm features secure on-site parking for 9 vehicles, which is a key benefit to any CBD office location.Previously occupied by the Federal Government (NDIS), the ground floor tenancy was substantially redeveloped and re-fitted to government specifications in 2013/14 and provides a high quality, accessible fit out complete with substantial fixtures and fittings updated since their initial occupation. Re-let to Linx Employment Tas Pty Ltd, this ground floor tenancy is leased to April 2029 with one 4 year option. The first-floor office is let to Peter Heerey Lawyer to 30 April 2025 with a 1 year option. Both leases provide attractive annual CPI increases and full recovery of statutory outgoings.
The property has a WALE of 4.63* years (by income) and provides an estimated net income of $160,284* per annum, excluding GST.
11 - 17 Stewart Street provides the opportunity to acquire a fully leased asset in a core CBD location benefitting from its accessible on-site parking and modern ground floor anchor tenancy.
With limited office space available for lease across Devonport and significant leasing completed in 2023/2024, it’s easy to see why this regional office market is a strong performer that has witnessed limited impact from ‘working from home’.
For further information or to arrange an inspection, please contact the Selling Agents.
For Sale by Private Treaty.
*Approximate
** Before Owner's Outgoings
Features
General Features
- Commercial Type: Offices
- Building Area: 736sqm
- Zoning: Central Business
- Car Spaces: 9
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