661-663 George Street, Sydney NSW 2000
PROPERTY OVERVIEW:
Circa 1924 former 6 level banking chamber now comprising of:
o Hotel over the basement, ground and mezzanine levels, and part level 1
o 36 office suites on levels 1-5 of various sizes
Haymarket Hotel business included
Full ownership of 21 poker machine entitlements and liquor licence included
Total site area of 354sqm
Total floor area of property is 1,527m2, being:
o 759 m2 total GLA for Hotel (basement, ground floor, mezzanine & office suite on first floor)
o 768 m2 total NLA for the office suites on levels 1-5
Current total gross business trading income of approximately $5,000,000 p.a – based on current weekly gross takings of $100,000
o Significant potential upside – particularly with gaming revenue
Total gross market property income of $1,623,400 p.a
Significant redevelopment options, including:
o Hotel conversion – reconfiguration of existing suites can potentially create 42+ hotel rooms + reception and office/admin areas and one set of common bathrooms
o Hotel redevelopment;
o Residential conversion/redevelopment;
o Refurbishment of commercial suites;
o Expansion of existing hotel and gaming facilities; and
o Combination of the above as a mixed development
Redevelopment can be achieved by utilising the substantial additional floor space which the property has under various controls:
o Utilising surplus floor space under current base FSR control – current base FSR is 7.5:1 and current FSR utilised is approximately 4.8:1 (including basement & mezzanine)
o Utilising bonus floor space for Residential Accommodation under the LEP
o Property would be eligible for an application for Heritage Floor Space which is a tradable commodity
Property includes existing lift which accesses every level including basement
位於唐人街黃金地段, Circa 1924 前身為6層高銀行大樓, 現分拆為: 酒店 – 於地庫, 地下, 閣樓以及部分1樓, 不同大小的36間辦公室分佈於 1-5 樓. 此大樓現包括 Haymarket Hotel 之生意, 擁有 21 架老虎機牌照, 以及售酒牌照. 本物業可有多種不同改建的發展空間.
PRICE: $45,000,000.00
LAND AREA: 354 sqm
ZONING: Zoned B8 Metropolitan Area
NET INCOME: $1,430,000.00
NET RETURN: 3.2%
ENQUIRIES: Winson Lo Mobile: 0412-236-856 Email: lo@onlinere.com.au
CURRENT TENANCY SCHEDULE:
(OFFICE SUITES ON LEVELS 1 – 5 AS AT DECEMBER 2014)
| SUITE | TENANT | LEASE TERM | SQM
Approx. |
GARBAGE LEVY | PASSING $/MONTH (GST excl.) | $ P.A / SQM |
| 101 | Kongpitak Kaeweng & Phimonrat Ditchen |
Starts: 01/03/2009 Expires: Monthly tenancy Option: N/A |
20m2 | $11.47 | $792.61 | $475.57 |
| 102 | Sean Stanley Morris | Starts: 03/12/2013 Expires: 02/12/2014 Option: N/A |
10m2 | $20.00 | $585.00 | $702.00 |
| 103 | Global Express Consultancy Pty Ltd |
Starts: 04/07/2012 Expires: Monthly tenancy Option: N/A |
18m2 | $10.50 | $587.04 | $391.36 |
| 104 | Asen Trade Pty Ltd | Starts: 01/01/2011 Expires: 31/12/2013 Option: N/A |
91m2 | $62.60 | $3,447.79 | $454.65 |
| 201 | Kangwei International Pty Ltd |
Starts: 01/07/2014 Expires: 30/06/2015 Option: 1 year |
18m2 | $20.00 | $790.00 | $526.67 |
| 202 | Kiran Shresha and Kristy Formosa T/As Aussie Visa & Education Zone |
Starts: 08/09/2014 Expires: Monthly tenancy Option: N/A |
18m2 | $20.00 | $730.00 | $486.67 |
| 203 & 204 | Gordon Group Holdings Pty Ltd |
Starts: 01/12/2011 Expires: 30/11/2013 Option: N/A |
36m2 | $47.82 | $1,554.04 | $518.01 |
| 205 | Kanthana Topanich & Panida Chuaipathio |
Starts: 16/09/2013 Expires: 15/09/2015 Option: N/A |
19m2 | $20.80 | $676.00 | $426.95 |
| 206 | Shakariya Pty Ltd | Starts: 14/06/2013 Expires: 13/06/2015 Option: 1 year |
16m2 | $25.00 | $700.00 | $525.00 |
| 207 | Overseas Oriental Pty Ltd |
Starts: 16/07/2012 Expires: Monthly tenancy Option: N/A |
25m2 | N/A | $676.00 | $324.48 |
| 208 | Hongguang Yang T/As Hicole Accounting Training Service |
Starts: 01/12/2012 Expires: 30/11/2013 Option: N/A |
10m2 | $20.00 | $433.33 | $520.00 |
| 209 | John Boyle T/As Boyle Associates Solicitors & Barristers |
Starts: 01/08/2014 Expires: 31/07/2015 Option: 1 year |
18m2 | N/A | $650.00 | $433.33 |
| 210 | Vacant | |||||
| 301 | Aohua International | Starts: 01/01/2008 Expires: Monthly tenancy Option: N/A |
18m2 | N/A | $795.51 | $530.34 |
| 302, 303 & 304 |
Bluesky Consulting (Aust) Pty Ltd |
Starts: 01/01/2011 Expires: 31/12/2012 Option: N/A |
53m2 | $25.03 | $1,877.96 | $425.20 |
| 305 | Bluesky Consulting (Aust) Pty Ltd |
Starts: 15/07/2013 Expires: Monthly tenancy Option: N/A |
19m2 | N/A | $551.51 | $348.32 |
| 306 | Daniel Marc Biederman T/As Modern Music Lessons |
Starts: 05/09/2012 Expires: 04/09/2015 Option: N/A |
16m2 | $10.55 | $685.58 | $514.19 |
| 307 | Nok Fx Pty Ltd | Starts: 01/10/2013 Expires: Monthly tenancy Option: N/A |
25m2 | $21.00 | $682.50 | $327.60 |
| 308 | Daniel Marc Biederman T/As Modern Music Lessons |
Starts: 05/09/2012 Expires: 04/09/2015 Option: N/A |
10m2 | N/A | $617.01 | $740.41 |
| 309 | Alex Wilkie | Starts: 24/07/2006 Expires: Monthly tenancy Option: N/A |
18m2 | $22.05 | $701.40 | $467.60 |
| 310 | Herald Education Advisory Center Pty Ltd |
Starts: 01/03/2014 Expires: 28/02/2015 Option: N/A |
18m2 | $20.00 | $700.00 | $466.67 |
| 401 & 402 | Overseas Oriental Pty Ltd |
Starts: 01/08/2009 Expires: 31/07/2010 Option: N/A |
37m2 | $56.24 | $1,383.69 | $448.76 |
| 403 | Overseas Oriental Pty Ltd |
Starts: 01/08/2009 Expires: 31/07/2010 Option: N/A |
17m2 | N/A | $737.97 | $520.92 |
| 404 | Overseas Oriental Pty Ltd |
Starts: 01/08/2009 Expires: 31/07/2010 Option: N/A |
14m2 | N/A | $737.97 | $632.55 |
| 405 | Overseas Oriental Pty Ltd |
Starts: 01/08/2009 Expires: 31/07/2010 Option: N/A |
19m2 | N/A | $702.81 | $443.88 |
| 406 | Overseas Oriental Pty Ltd |
Starts: 01/08/2009 Expires: 31/07/2010 Option: N/A |
16m2 | N/A | $520.00 | $390.00 |
| 407 | Overseas Oriental Pty Ltd |
Starts: 23/05/2012 Expires: Monthly tenancy Option: N/A |
25m2 | $10.71 | $780.00 | $374.40 |
| 408 | Yu Zhen Fang | Starts: 15/01/2015 Expires: 15/07/2015 Option: N/A |
10m2 | N/A | $579.59 | $780.00 |
| 409 | Kaewta Rwangdet | Starts: 01/03/2014 Expires: 28/02/2015 Option: N/A |
18m2 | N/A | $627.05 | $418.03 |
| 410 | Vacant | |||||
| 501A & 501B |
Ben Chudoba | Starts: 01/10/2014 Expires: Monthly tenancy Option: N/A |
71m2 | N/A | $2,150.00 | $363.38 |
| 502 | E Media Group Pty Ltd |
Starts: 29/01/2014 Expires: 28/06/2014 Option: N/A |
29m2 | $20.00 | $1,000.00 | $413.79 |
| TOTAL: | 768m2 | $27,966.54
(incl. garbage levy) |
$430.04 (excl. garbage) | |||
| TOTAL ANNUAL PASSING INCOME: | $335,598.48
(incl. garbage levy) |
|||||
INCOME COMMENTARY:
Haymarket Hotel does not currently pay market income as the property and business are owned by the same parties. The present leasing arrangement has been structured according to the tax circumstances of the current owners and is not necessarily a reflection of potential market income.
Office suites on levels 1 -5 are let on low per square metre rates on monthly arrangements. This provides secure income and also allows for immediate redevelopment as the property is not subject to long leases. Higher rents /sqm can be achieved following some renovation/refurbishment and by employing more formal lease arrangements.
POTENTIAL MARKET INCOME*:
| INCOME STREAM | DETAILS | OUTGOINGS CONTRIBUTIONS | SQM | MARKET $
P.A. (GST excl.) |
MARKET $
P.A. /SQM |
| Hotel – premises |
Basement, ground floor, mezzanine and part level 1 | Electricity Only | 759 | $910,800 | $1,200 |
| Hotel – licences |
Right to trade 21 poker machine entitlements + liquor licence |
N/A | N/A | $175,000 | N/A |
| Office Suites | 36 Office Suites following some refurbishment |
Electricity Only | 768 | $537,600 | $700 |
| TOTAL POTENTIAL ANNUAL MARKET INCOME: | $1,623,400 | ||||
*The above annual market income figures represent the total income collected from the tenant – being total rent and outgoings. These figures are an estimate only, in consideration of current market conditions and may vary.
NET INCOME SUMMARY:
| NET INCOME SUMMARY | MARKET $ P.A |
| Total Potential Market Income | $1,623,400 |
| Total Net Outgoings | $194,183 |
| TOTAL NET INCOME | $1,429,217 |
