Investment Property of the Week – Kinross House
- Where: 91-95 George St, Launceston
- Price: Offers over $2.75 million
- Agent: Shepherd and Heap
- Ph: Blake Shepherd 0417 820 820
- Ph: Ian Singline 0419 820 820
Kinross House, constructed in 1840, is an iconic central Launceston heritage property that has welcomed many locals and visitors through its doors and impressed patrons with its restored character and distinctive Parisian style and ambience.
On the market now for the first time in 35 years, Kinross House represents a diversified and balanced investment opportunity, according to agent Shepherd and Heap.
The ground floor consists of four retail tenancies which are leased to Sweet Brew Cafe, Bryher Cafe and Et la Mer fashion.
On the upper levels are 9 self contained apartments - 4 x 1 bedroom, 4 x 2 bedroom and 1 bedsitter – the majority have undergone renovations and upgrading in recent time and present exceptionally well to the flourishing inner city accommodation rental market.
Located on one of Launceston's strongest cafe strips within a vibrant commercial locale of the central business district, Kinross House is fully leased with a rental income of approximately $170,000 p.a evenly split between the residential and retail. There is rear laneway access and parking and while there is strong tenancy interest from the hospitality sector the opportunities are enormous - perhaps as an Airbnb or boutique hotel conversion.
Kinross House is an attractive investment opportunity with income security and further potential to capitalise on the inner city revitalisation, UTAS’ relocation and tourism growth.
It’s also a superb piece of Launceston’s history that has stood the test of time.