Security of tenant investment – recently renewed lease extension to a tenant who has been on Bridge Road for 14 years
Interest rates at all time historic lows
Located on the best part of Bridge Road, in between all the lifestyle and food tenants
Ground floor presents well in comparison to other Bridge Road shops
THE CONS
Despite the well presentation on the ground floor – the first floor is in need of renovation works
The first floor shower and toilet are located half way up the staircase
The price in comparison to the return
The price in comparison to the land rate
THE CHALLENGES
384 Bridge Road was being marketed for sale individually
The price was the restricting factor, combined with the uncertainty in the market caused by Covid lockdowns
Two offers were received in total – one at $900,000 and the other, required an acquisition of the neighboring property at 386 Bridge Road, as it was made by an adjoining owner
We approached the owner for 386 Bridge Road to see if they were interested in selling
THE REVEAL
After a period of around 4 months on market, TCI sold both properties for $1,250,000 and $1,425,000 respectively
Market expectation was circa a $1,100,000 for each respectively
