Address available on request

With three residential areas on the first floor level, and with potential for further development both planned and optional this is an exciting offering. Made even more so by the ground floor tenancies within the Central Business area of Ulverstone this landmark property provides both lifestyle living and income earning capacity that are both rarely available, and that will never be out of favour or without opportunity.

Returns on Lancaster should be attractive to purchasers even without its prominent and attractive location with the returns offered at 9% return based on investment at the sale price at $1.1 million, while returns on many comparable properties being promoted on the market, failing to achieve 8 to 8.5%.

The residential tenants have also been proven to be highly reliable, and while there are plans in place for the further development upstairs, the current tenants provide a healthy component of Lancaster House total income figures. Whether being used for private residential use or continued use for tenanted residency the property boasts one of the more commanding and certainly convenient locations in Ulverstone. With two of the three existing apartments having commanding views over the Leven River waterfront developments, as well as to the river mouth and Bass Strait and back up the river over the parks to the farmlands behind this arguably has to be one of the best sited living options of Ulverstone. The current owners have had plans to modify the living areas of the first floor, and there is certainly opportunity to incorporate more living, common or entertainment areas and facilities. While the recent plans are to increase the number of apartment options, consideration as also been given to increasing the size and reducing the number of residential areas. Like most things the limiting factors are vision, budget and necessity.

Ground floor tenancies with Lancaster House Cafe, and the Greens and Life-Line as two non-profit organisations can be regarded as invaluable as reliable, solid, long term tenants. The Cafe is attractive and shows what may be achieved by development as well as being in a prominent corner position with views up and down the river and should a client wish to develop hospitality options further and the river view frontage become available it would be have exceptional potential. The Greens and Life-Line show the value of good long term tenancies, without the need for passing traffic for trade attraction yet still being accessible to clients. All commercial tenants are highly reliable and valued long term tenants.

Property Code: 51