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- Residence
- Lifestyle Income
- Passive Income
- Redevelopment Potential
- Investment
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Situated at 88 - 90 Wharf Street, Maryborough, Riverside Apartments is comprised of 4 spacious, fully furnished apartments within a single 2 storey timber building
(Circa 1891), which is considered to be in a fair to good condition.
The premises are presently used as serviced holiday apartments, rented on a short / long term basis.
The Building (subject to Council approval) has potential to be utilised in many ways, either residential or commercial.
It is not heritage listed.
The real value of the property is held in the land component. Totaling 1060 M2, it is held in five (5) titles. The property fronts Wharf Street, the historical heart of
Maryborough. This frontage measures 24.06 metres. Vehicle access is via the Federal Car Park, off Kent Street. Considerable public car parking surrounds the block.
The location of Riverside Apartments is unsurpassed in Maryborough. The property is within the Portside Heritage Precinct, Maryborough's heritage heart. Located
within the CBD and with uninterrupted views of 2 reaches of the Mary River, the property certainly conforms to the real estate adage of "location, location, location".
Across Wharf Street from Riverside Apartments is the beautiful Mary River Parklands, centre stage for many local festivals. The quaint Mary Ann Steam Train has a
stop here at tiny McAlister Station. Follow the river walk to the left and within minutes arrive at beautiful Queens Park and the Brolga Theatre, Maryborough's
contemporary arts / convention centre.
In the immediate neighbourhood are many restaurants, cafes, museums and art venues. Muddy Waters Café, The Port Residence Restaurant and Function Centre,
Bond Store Museum, Military and Colonial Museum and Gatakers Artspace are a few of these.
Maryborough's public jetty and Queens Wharf are directly opposite.
No doubt, Riverside Apartments is in a truly remarkable location.
The property is in Wharf Street Sub-precinct 7 in the Maryborough City Plan. It is a favoured area within Maryborough City where development is supported.
Maryborough City Plan, Planning Policy 6.9 indicates that "Mixed use residential development up to three storeys over ground floor commercial / retail" would be
permissible. Council advice is recommended.
The existing building has many potential uses, e.g. bed and breakfast, permanent rentals, retail, offices, consulting rooms, surgery, takeaway food, art gallery,
restaurant, showrooms, child care centre, education etc.
Strategically, the land component could be redeveloped as a unit development, motel, medical centre, retail, indoor entertainment complex, restaurant, showroom,
hotel etc or indeed a mixture of the above.
Based on permanent rentals, income could be about $40,000 pa gross, ie 4 x $200 x 52 = $41,600.
Currently, the serviced holiday rentals return approx. this amount (exact figures unavailable) however, please note that Riverside Apartments is presently run as a
'lifestyle business'. We are sure that an aggressive marketing plan could easily increase income substantially.
Address: 88 - 90 Wharf Street, Maryborough
1060 M2
24.06 M frontage to Wharf Street
Vehicle access via Federal Car Park, Kent Street
City Rates (1 July 2010 to 30 June 2011) - $5,976.42 after discount
Website: www.maryboroughriversideapartments.com.au
Owners: Mario and Debbie Fazio
Contact: m.fazio@bigpond.com
Phone: 0414 754 638
www.frasercoast.qld.gov.au
www.ourfrasercoast.com.au
Maryborough City Planning Scheme Policy 6.9 "Brolga to Bridge" design guidelines
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