1-3 Reibey Street, Ulverstone TAS 7315

In what has to be one of the most prominent and appealing locations of the Ulverstone CBD, Lancaster House Circa 1923 represents a Real Estate opportunity not to be missed. With three residential areas on the first floor level and with potential for further development (with prior planning having been approved) this is an exciting offering. Made even more attractive by the ground floor tenancies and opportunities within the Central Business area of Ulverstone this landmark property with a floorplan of 696 square metres provides both lifestyle living, and business/retail income earning capacity combination. This is an opportunity that as a combination together are both rarely available, and that will never be out of favour or without opportunity.

Returns on Lancaster should be attractive to purchasers even without its prominent and attractive location with the returns offered at 6.7% return (when fully tenanted) based on investment at the sale price at $1.25 million, while returns on many comparable properties being promoted on the market failing to achieve similar returns.

The current tenants provide a healthy component of Lancaster House total income figures. However whether being used for private residential use or continued use for tenanted residency this property boasts one of the more commanding and certainly convenient locations in Ulverstone and perhaps the North West Coast, particularly given the ease of commuting. With two of the three existing apartments having commanding views over the Leven River and waterfront developments, as well as to the river mouth and Bass Strait and back up the river over the parks to the farmlands behind this arguably has to be one of the best sited living options of Ulverstone. The prior owners had plans approved to modify the living areas of the first floor, and there is certainly opportunity to incorporate more living, common or entertainment areas and facilities. While the previously approved plans are to increase the number of apartment options to maximise short term letting opportunities, consideration has also been given to increasing the size and reducing the number of permanent residential areas. Like most things the limiting factors are vision, budget and necessity.

Ground floor tenancies with Lancaster House Café, Nurture Clinical Psychology and Life-Line as a non-profit organisation can be regarded as invaluable as reliable, solid, long term tenants. The Cafe (Currently Vacant and seeking a tenant) being in a prominent corner position with views up and down the river and should attract a client who wishes to develop hospitality or retail options further and with the river views has exceptional potential. The Clinic and Life-Line show the value of good long term tenancies, without the need for passing traffic for trade attraction yet still being accessible to clients.

Easily accessible to pedestrian traffic both of the CBD and recreational users along the riverfront, as well as to public parking areas make this super attractive to an astute investor. With easy accesses to the Bass Highway only a couple of kilometres in three directions for commuting to other coastal and rural destinations this could not be more convenient.