Commercial building hits the market in Old Kingston for the first time in nearly 70 years

Sometimes, it takes creativity to find the right selling angle in a commercial property coming onto the market.

This time around, it’s pretty straightforward: a whole building in (“old”) Kingston is up for sale for the first time since it was built in 1958.

That in itself tells the story – this type of opportunity in this sought-after Inner-South precinct just doesn’t happen very often.

The Green Square property offers three tenancies over two storeys with 668 square metres of floor space.

The vacant ground-floor unit covers 204 square metres. Upstairs, tenancy two of 130 square metres is leased to an Indian restaurant, while the (also vacant) tenancy three occupies 334 square metres.

This top-floor space was previously occupied by The Social Club and is fitted out as an entertainment venue.

The vacant tenancies are zoned as office spaces or even as “caretaker” residences – both allowable under the crown lease.

Annual net rent when the building is fully let is estimated between $250,000 and $270,000, plus GST.

Patrick Barton of Barton Commercial Property says it represents an unrivalled opportunity.

“This is the first time this property has come onto the market in nearly 70 years,” he says.

“That’s not a once-in-a-generation opportunity – it’s once-in-a-lifetime.”

The property has a rear yard, four car bays and a 12-metre frontage onto Green Square.

It has a price guide of $4.85 million plus GST.

$4,850,000

Whole Building/48 - 50 Jardine Street, Kingston ACT 2604

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