Commercial Industrial Property Report

SALES

Gosford properties sold
Mystery surrounds the sale of two well known Gosford properties last month.
The Mitre 10 property at 351 Mann Street has been sold by Expression of Interest to an “institutional” buyer for an undisclosed sum. The property had been bought by the State Government in early 2004 as part of their Citylink Project to revitalise Gosford and move its centre northwards creating a Health Precinct which would link Mann Street with the Hospital.  The Plan failed to get off the ground.  It is understood that the “institutional” buyer is not from the private sector.

Also sold, was Gosford Town Centre (formerly Marketplace Shopping Centre) to an undisclosed buyer and price. The Centre was bought in December 2006 for $55 million by Peak Property Holdings with plans for further investment to expand and reinvigorate the property. They subsequently did carry out improvements which reportedly cost around $5 million. It was placed in receivership late last year and put on the market.

Wyee strata shops show great potential
Seven strata retail units at 131-135 Wyee Road, Wyee have been sold to a Sydney investor for $1,485,000 (GST not applicable). The units are within an eight unit complex and the land is one of three parcels of land currently zoned for commercial/retail in Wyee. The brick and tile buildings are approximately 20 years old and all have long term tenants.
Mark Davies of LJH Commercial negotiated the sale and commented, “The sale was based on approximately 8.5% net yield. The purchaser sees this as a great holding due to the possible residential growth in the Wyee area in the coming years with the potential of around 1000 home lots to be rezoned in the near future.”

Tuggerah factory unit sold
A 282sqm precast concrete factory unit at 1/4 Bounty Close Tuggerah Business Park has been sold for $305,000 including GST to a local investor. The four year old building is currently rented on a two year lease with two year option. Ty Blanch of LJH Commercial negotiated the sale.

North Wyong factory unit sold
A 130sqm industrial unit with 30sqm mezzanine at 1/12 Donaldson Street North Wyong has been sold for $217,500 (GST not applicable). An investor from the Hunter Valley purchased the property.
Mark Davies of LJH Commercial negotiated the sale.

Erina commercial space sold
A 110sqm commercial office at 7/40 Karalta Road Erina has been sold for $340,000 excluding GST. Destiny Financial is the new owner of the ground floor premises.
Brad Rogers of LJH Commercial negotiated the sale.

Sale of Wyong land
Vacant land at Lot 43 Naples Close North Wyong has been sold for $345,177 excluding GST. The 2020sqm block is zoned 4A and was sold to Jakes Painting.
The sale was negotiated by Brad Rogers and Mark Davies of LJH Commercial.

Gosford office suite brings good return
Suite 1/80 Mann Street Gosford has been sold for $205,000 (GST not applicable). Agent Brendan Byrne-Bates of Raine & Horne Gosford commented, “The office suite is leased to great tenants showing 8% net return.”
Zoned 3C, the 71sqm office is two years old and of concrete construction.

West Gosford unit sold on 8% return
A 177sqm industrial unit at 2/16 Stockyard Place West Gosford has been sold for $305,000 (GST not applicable).
The four year old concrete and colourbond building includes a mezzanine level office and is currently leased with 8% net return.
Brendan Byrne-Bates of Raine & Horne Gosford negotiated the sale.

Sale of Somersby block with DA
A 4000sqm industrial block at 7 Ace Crescent Somersby has been sold for $450,000.
The block already has DA approval and was sold to a construction company for onsite storage.
Geoff Tilden of Gosford First National negotiated the sale.

LEASING

Gosford retail premises leased
Small retail premises at Shop 20/134 Mann Street Gosford have been leased for $6,240 per annum excluding outgoings and GST on a one year lease with one year option. The ten year old building now houses It’s Easy Tours Pty Ltd who will use the retail space to sell holidays and tours as well as carry out administration.
Chris Watson of LJH Commercial negotiated the lease.

Weight Watchers leases Erina shop
105sqm of retail space at Shop 7/8 Karalta Road Erina has been leased for $33,000 per annum including outgoings and GST.
The three year lease with three year option has been taken by Weight Watchers who will use the premises for client meetings and administration. Chris Watson of LJH Commercial negotiated the lease.

Platinum office leased
Suite 3.30 in Erina’s Platinum building has been leased for $14,000 per annum excluding outgoings and GST for 18 months.
FIP – Financial Independent Planners is the new tenant in this premium office space.
Brad Rogers of LJH Commercial negotiated the lease.

Chiropractor takes Erina commercial space
Commercial office suites at 6/167 The Entrance Road Erina (Towers Office Suites) has been leased for $26,000 per annum excluding outgoings and GST. Chavez Chiropractic has taken a five year lease with five year option in the new building.
The lease was negotiated by Brad Rogers of LHJ Commercial and Geoff Tilden of Gosford First National.

Long option for Tuggerah unit
A 390sqm freestanding industrial unit at 2/11 Gavenlock Road Tuggerah has been leased for $35,000 per annum excluding outgoings and GST. The one year lease with one year x three year x five year option has been taken by a cabinet maker.
Mark Davies of LJH Commercial negotiated the lease.

North Wyong unit leased
A 180sqm industrial unit with 30sqm mezzanine office at 7/12 Donaldson Street North Wyong has been leased for $20,000 per annum excluding outgoings and GST. The one year lease with one year x one year option has been taken by Process Filtration Specialist.
Mark Davies of LJH Commercial negotiated the lease.

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