553-555 Dean Street, ALBURY
Iconic T&G Building
Description
Auction Friday 23rd of November 2.00pm at Mantra Hotel Albury
The T&G Building is located in the heart of Albury's CBD along the 'ant track' of Albury's main Street. The building's commercial tenants thrive from the heavy foot traffic on Dean Street and Albury's well known and trendy AMP Lane which runs adjacent to the building. The buildings rich past and historic features are well known to the residents of Albury. The 25m high tower is visible from many living rooms of Central and East Albury's residents and stands among very few of Albury's original buildings.
Built in 1933 by the Temperance & General (T&G) Life Assurance Society, the T&G building remains in virtually an unaltered state. The five storey tower is evocative of the 1930's New York skyscraper style with stepped pyramidal summit and vertical multi-level window recesses. The four faces of the tower display the societies initials T&G which are 6 feet high. Constructed throughout of reinforced concrete, the first part was built in about 1933, with the second part being built a few years later.
The Albury T&G Building is one of a few that was constructed by the Temperance & General Life Assurance Society, with other highly prestigious T&G buildings located in Geelong, Newcastle, Mildura and capital cities Perth, Sydney and Melbourne.
The property offers 16 commercial shop fronts along Dean Street and AMP Lane along with the basement of the building being fitted out for commercial purposes. A destination for residents of Albury offering a café, restaurant and bar along with a mixture of retail and beauty. Vacancies along the laneway are rare with the high demand for businesses to take advantage of the building's central location and high traffic exposure.
The total site area is 1,202sqm(approx) and building area 2,958sqm(approx). Current gross rental income is $338,558. Estimated fully leased income is $422,758.
The first floor is made up of 12 suites and 3 residential apartments, currently used as storage suites for the commercial tenants on the ground floor. Both male and female toilets are on the ground and first floors.
The second floor of the building consists of 9 residential apartments made up of bedsits, one and two bedrooms.
The exceptional income from the commercial tenancies can be further maximised by the letting of the vacant residential apartments on the second floor.
This prestigious Albury CBD Freehold gives potential purchasers the opportunity to own a piece of Albury's history.
