A high-profile commercial property in the heart of Mount Isa is being taken to auction with approvals in place to boost the existing showroom footprint.
The property, located on the corner of Marian Street and Trainor Street, along the main Barkly Highway into the central business district, is leased to blue-chip national tenant Supercheap Auto.
According to marketing agent Michael Willems, of Ray White Commercial Gold Coast, it's an asset that is primed for improvement.
"This is an exceptionally rare opportunity for an investor or developer, giving them a quality freehold property in Mount Isa just two kilometres from the city centre," said Mr Willems.
"The property has significant upside potential through existing development approvals that offer a purchaser the flexibility for further development."
The 5670sqm site, zoned commercial centre, has a low site coverage with the existing Supercheap Auto building comprising a commercial showroom of 657sqm.
Development approval has been granted to extend the Supercheap Auto building by 153sqm, boosting the net lettable area to more than 800sqm.
The site currently comprises three lots, with three-street access that includes Ivy Street. It is being sold with a subdivision approval to realign the existing boundaries to create just two separate lots.
Mr Willems said the asset is supported by Mount Isa's robust economy, which is driven by the mining and rural sectors.
"Over almost a century, this has created a critical population and skills base in the city to service the needs of the local community," he said.
Supercheap Auto, which is part of the ASX-listed Super Retail Group, has secured a new five-year lease on the property, expiring in 2024, as well as a further five-year option.
It has a net annual income of $95,678 plus GST, which will increase once the proposed expansion of the showroom is completed.
The property will be auctioned at Ray White Group headquarters on Level 26, 111 Eagle Street, Brisbane on July 5 at 10.30am.
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