1 Meek Street Oamaru, Waitaki District 9400

Sold on 6 Feb 2017
  • Building: 5,340m²

Sold By

Commercial in Oamaru

Historic Landmark Close to Precinct

  • Building: 5,340m²

Meeks Mill is located in the heritage area of Oamaru and within approximately 100 metres of the town's main street.

It currently features the following:-
-One main commercial tenant
-One commercial sub-tenant
-Two vacant commercial tenancy areas
-Four residential apartments which are currently all tenanted

There is huge potential here to develop the existing building for a range of uses that could complement Oamaru's famous Historic Precinct. As outlined above, the property is currently in mixed use, including both residential apartments and an automotive parts operation.

The property was formerly a flour mill and its unique design and location creates an exciting opportunity for re-development to commercial accommodation - either apartments or a hotel.

Rent roll for the last financial year totaled $54,000 with two areas untenanted. Fully tenanted this property could easily gross in excess of $65,000 annually - representing returns well in excess of 10% of it's expected market price. Provisionally assessed for structural strength in 3 parts, achieving respectively 50%, 40% and 34% of the New Building Standard, and the engineering report is available for review upon request.

The price on this fantastic property is $475000 plus GST (if any).

Call Alan or Kelli to view this substantial investment opportunity in the heart of Oamaru's tourism area.

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