Commercial Industrial Property Report

The latest commercial and industrial property sales and leases on the Central Coast.

SALES

New retail dynamic on the Peninsula with Aldi buy
Umina Beach is set to become a retail hub following the reported sale of two 3A zoned properties in Trafalgar Avenue, Umina Beach to supermarket chain, Aldi. The properties were sold through Laing+Simmons Umina Beach for approximately $4 million and comprise 310B Trafalgar Avenue with a small group of retail shops plus an adjoining vacant lot, 314 Trafalgar Avenue.
Both were owned by separate Sydney interests. The total land area is approximately 4,000 sqm.

Aldi’s move follows the purchase earlier this year of 4,427 sqm of retail property, including Mitre 10, on the corner of West Street and Trafalgar Avenue Umina, by retail giant Woolworths. With a Coles Bi-Lo supermarket already operating in Umina Beach and two major retail chains moving in the retail dynamics of the Peninsula is about to change.

While Woy Woy has always been the major retail centre anchored by Deepwater Plaza Shopping Centre and the railway station, traffic congestion has in recent years become a major issue.With a better road system servicing Umina Beach the area is expected to attract a new market, particularly the Kariong population of 6,284 people.

The population of the Peninsula (including Woy Woy Bay and Phegans Bay) in 2006 was 33,567. Over the past five years (2001 to 2006) the area has grown by almost 7%. This is a much faster growth rate than that for the Gosford LGA at 2.3%.
Commenting, Peninsula Chamber of Commerce President, Matthew Wales said, "This is further evidence that major players see a bright future for the Umina Beach retail centre. Aldi's decision is welcome in that it will bring vigorous competition on the back of Woolworths’ commitment to build a new store on the G&B Mitre 10 site and the Coles planned upgrade of the Bi-Lo store in Oscar Street".

Mr Wales said that whilst the new supermarket developments will put pressure on the overall retail market, they will also open up new opportunities including increased employment and more foot traffic in the town centre. “The new supermarket developments will obviously increase pressure on the available dollars being spent in town but in the longer term, it will boost activity in Umina Beach and lead to more retail opportunities,” said Mr Wales. “The challenge for the Peninsula business community is to capitalise on the positive impacts and adapt to the new retail regime which will inevitably come”

Tuggerah industrial land with house sold
A 4388sqm block of land zoned 4B with two bedroom house has been sold to a local company for $445,000 (GST not applicable). The property is located at 71 Lake Road Tuggerah. The fibro house is over 20 years old.
Brendan Byrne-Bates of Raine & Horne Gosford negotiated the sale.

Gosford strata shop sold
A strata shop currently occupied by a takeaway/café at 1/353 Mann Street North Gosford has been sold for $140,000 (GST not applicable). Zoned Commercial, the 45sqm shop has great exposure and was purchased by a local investor.
Brendan Byrne-Bates of Raine & Horne Gosford negotiated the sale.

Old Pizza Hut site sold
The derelict building on 2800sqm land at 3 Debenham Road West Gosford, better known as the old Pizza Hut site has been sold for $1,000,000 plus GST. It had been vacant for many years. The high visibility site, zoned 3B, will become a showroom for European cars.
Garry Morris of LJ Hooker Gosford – East Gosford – Lisarow negotiated the sale.

Central Mall Arcade to be redeveloped
Central Mall Arcade at 125 Mann Street Gosford has been sold for $1,350,000 including GST. The building currently comprises 12 shops and a suite but these will be redeveloped into a super store, reportedly a pharmacy. Current tenants will vacate the premises during October. The building has main street exposure with rear lane access.
Garry Morris of LJ Hooker Gosford – East Gosford – Lisarow negotiated the sale.

Wyoming industrial units sold
The Brooks Avenue Centre at 6 Brooks Avenue Wyoming has been sold to a local investor for $1,100,000 (GST not applicable). The 985sqm 20 year old brick building comprises five commercial/industrial units on 2318sqm land, including onsite parking.
Tony Myers of Oliver Myers Real Estate negotiated the sale.

LEASING

High exposure at Wyoming
A 162sqm brick building at Lot 19 Brooks Avenue Wyoming has been leased for $12,000 per annum excluding GST and outgoings for two years with a two year option. The established building is in a prominent location with high exposure. The new tenant is a plumbing supplies business.
Tony Myers of Oliver Myers Real Estate negotiated the lease.

West Gosford showroom leased
A 220sqm industrial showroom at Unit 3/6 Bowen Crescent West Gosford has been leased for $20,000 per annum plus GST including outgoings. The lease is for one year with one year x one year option. The brick building, zoned 4A General Industrial will be leased to Camping World for warehousing and mail order distribution.
Geoff Broadhurst of Chapman & Frazer negotiated the lease.

Freehold factory leased
A 547sqm freehold factory on 1394sqm land at 9 Yandina Road West Gosford has been leased for $50,000 plus GST and excluding outgoings for three years with a two year option. The brick and metal clad building with glass façade office has been leased to Refrigeration Equipment Manufacturers Pty Ltd.
Geoff Broadhurst of Chapman & Frazer negotiated the lease.

North Gosford warehouse leased
A freehold factory/warehouse at 20 Tatura Avenue North Gosford has been leased for $18,000 (GST not applicable) including outgoings for one year with a one year option. North Gosford Private Hospital has leased the 20 year old 211sqm building on 445sqm land.
Geoff Broadhurst of Chapman & Frazer negotiated the lease.

Tuggerah Business Park offices leased
277sqm of brand new office space at 15/1 Reliance Drive Tuggerah Business Park has been leased for $40,000 per annum plus GST and excluding outgoings for three years with a three year option. The ground floor office comprises male and female amenities and is air conditioned.
Brad Rogers of LJH Commercial negotiated the lease.
A 173sqm brand new factory unit at 3/7 Teamster Close Tuggerah Business Park has been leased for $19,000 per annum plus GST and excluding outgoings. A distribution company is the new tenant.
Ty Blanch of LJH Commercial negotiated the lease.

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