22/1097-1101 Barrenjoey Road PALM BEACH NSW 2108
For Sale $899,000

DESCRIPTION

A rare opportunity to purchase this prime main road facing strata commercial investment within the 'Iluka Apartments' complex located at the vibrant Palm Beach village location in a high foot traffic zone. The Palm Beach village features only a handful of commercial opportunities with 22/1097 perfectly positioned in the middle of the existing retail shops. The shop is situated in the modern retail and residential complex of the "Iluka Apartments" with the premises (on one title) divided into two shopfronts & strata approved.

Palm Beach is known worldwide for tourists, high net worth holiday home owners and a constant flow of permanent locals through the village every day.

One shopfront is currently owner occupied, and the owner is willing to sign a lease to provide future security for the new owner. The second shop has a lease in place until June 2025, providing flexibility in allowing for owner operators or investor purchasers.

Features:
• Shop 22 is 134 sqm on title
• Split into 2 shopfronts (22A & 22B)
• 22A is owner occupied, who is wiling to sign a 2x3x3 year lease at approx. $500 + GST per week
• 22A is occupied by Palm Beach Salon, an established hairdresser used by the majority of locals
• 22B is leased until June 2025 at $740 + GST per week
• 22B is now vacant however is fitted out as an office, previously real estate and holiday lettings, 60sqm in size (30 sq meters + 30 sq meters courtyard)
• Gross Rental $64,480 + GST p.a.
• Front terrace on title
• 2 x secure underground car parks
• Access to the buildings resort style swimming pool and visitor parking
• Strong Pedestrian Traffic with bustling weekend trade

Outgoings:
Strata Fees $1,207.51 per quarter
Council Rates $322.50 per quarter
Sydney Water $180.00 per quarter