Commercial Industrial Property Report

New Somersby warehouse sells quickly
Grip Australia Pty Ltd, a Sydney importer and distributor of clothing products has paid $2 million for a new warehouse building at 72 Somersby Falls Road, Somersby. The concrete panel building on a 4,000 sqm site comprises a 1,015sqm warehouse with 370sqm office.

Builder and developer, Calcorp, was encouraged to build a warehouse of this size by Kevin Masters of George Brand Real Estate Kariong who said there is a demand for warehouses in the 1,000sqm to 1,500sqm range. Kevin Masters subsequently sold the property to Grip Australia prior to completion (see story: Clothing company relocates to Somersby)

Spirited bidding for Berkeley Vale industrial property
In spite of the economic slowdown, an industrial property at 10 Apprentice Drive, Berkeley Vale sold at auction on 17 December 2008 for $1.6 million – which agent, Garth Hunter of Raine & Horne Terrigal and Avoca Beach, said was in line with the valuation of the property and their market appraisal.

Mr Hunter said that the property had been heavily marketed over a period of four weeks resulting in more than thirty people – all from the Central Coast – turning up at the auction. “There was a huge interest in the property,” he said. On the day there were three pre-auction offers and 4 registered bidders. In the end the property was knocked down to a buyer who will occupy it for his own business. “It was a good result for both parties,” said Mr Hunter.
The vendor was the ANZ Banking Group.

The property comprises a 1,705sqm high clearance factory building with 50 and 5 tonne gantry cranes and 171 sqm of air-conditioned office space and facilities on a 5,687 sqm level block.  A development approval is current for an additional four industrial units. The auctioneer was Rod Amos.

State Government slashes developer levies by up to $64,000
The Master Builders Association of NSW today applauded the NSW Government’s decision to cut developer levies, saying that the move would contribute to revitalising the housing market in NSW and stimulate investment in the sector. “The economic conditions prevailing across the country and particularly in NSW demand that Governments undertake radical changes to the taxation system and work to address red tape to encourage economic revival and investment in all areas of infrastructure and housing,” said Brian Seidler, Executive Director of Master Builders NSW.

Under the changes to developer levies announced by the NSW State Government yesterday, a developer currently paying up to $94,000 to develop may only incur charges of approximately $30,000. “NSW has been more severely impacted by the economic downturn than any other state. The housing market in NSW has been at a virtual standstill for years, and this has compounded housing affordability issues,” said Mr Seidler.

“For years, Master Builders has been calling for a reduction of developer levies to address housing affordability. We hope that this announcement, when combined with recent increases in the first home owners grant and sliding interest rates will trigger the necessary confidence to deliver new housing to NSW.

“While the cuts to developer levies are welcomed by Master Builders, we see that there is room for greater reform in the industry and that reducing levies is only one part of the solution that is needed,” said Mr Seidler. “We would like to see further consideration given to stamp duties, fast tracking land release and the delivery of infrastructure projects to support new housing developments.

“The NSW Government also recently introduced the Housing Code for Exempt and Complying Development, which should help speed up the building approval process. The success of this initiative relies on the support of local councils to help expedite new housing, and we hope this is forthcoming,” said Mr Seidler.

Latest statistics released by the Australian Bureau of Statistics show that nationally, the number of dwellings built in the three months to September 30 dropped 10.7 per cent compared with the previous three months. NSW suffered the biggest drop of any state – falling by 25 per cent.

SALES

Business Park unit sold
Unit 3/2B Bounty Close, Tuggerah Business Park has been sold for $700,000 (GST not applicable) to a local investor. The new unit on the first floor of the Bolte Civil building covers approximately 280sqm and is zoned 4C. The property is leased to 5 Star Training. Ty Blanch of LJH Commercial negotiated the sale.

Local investor landbanks Doyalson acres
An 11 acre property with two bedroom house at Lot 1 & 2 Wyee Road, Doyalson has been sold to a local investor as a landbank opportunity. Zoned 10A (Investigation), the property was sold for $600,000 (GST not applicable). The sale was negotiated by LJH Commercial.

West Gosford unit to be training and repair centre
An industrial unit at 5/8 Yandina Road, West Gosford has been sold for $286,000 including GST. The 25 year old building, zoned 4A was purchased by Lube Mobile for a training and repair centre. LJH Commercial negotiated the sale.

Sydney investor buys Toukley shop
A 43sqm strata retail shop at 1/245 Main Road, Toukley has been sold for $115,000 (GST not applicable) to a Sydney investor. The shop, zoned 3A, has a long term tenant.  LJH Commercial negotiated the sale.

Gosford Council buys Mann Street property
346 Mann Street, Gosford (the Hertz site) has been sold for $800,000 (GST not applicable) to Gosford City Council. The site comprises 1170sqm land and 505sqm building. Craig McMullen of Citicoast Realty negotiated the sale.

Tuggerah warehouse sold and leased
A 1160sqm warehouse with office at 4 Ace Crescent, Tuggerah was sold for $950,000 (GST not applicable) to a local investor. The concrete tilt panel building on portal steel frame was then leased to Alesco Corporation Limited subsidiary, Concrete Technologies Pty Ltd, for $110,000 per annum excluding GST and outgoings for three years and two months with a three year option. Agent Ty Blanch of LJH Commercial noted that fitout contributions of $50,000 paid by the purchaser were negotiated into the lease as incentive for the term.

LEASING

Butcher leases Erina bulky goods building
Singo’s Wholesale Meats has leased Unit 1, 155 The Entrance Road, Erina for 5 years with 5 year option.
Rental paid for the 440sqm premises with 12 car parking spaces and truck loading area is $80,000 per annum excluding outgoings and GST.The free standing building is of tilt slab construction, is approximately 10 years old and was built for bulky good retailing. It was formerly occupied by a motor parts company and had been vacant for about 6 months. Geoff Tilden of Gosford First National Real Estate negotiated the lease.

Showroom leased for medical centre
A showroom at 3/152 Pacific Highway, Tuggerah has been leased for $87,120 per annum excluding GST and outgoings on a five year lease with five x five year option. Zoned 3B, the unit in the Tuggerah Straight Commercial Centre has been leased to Healthscope for 8 doctors and potentially a pharmacy.
Nicky Laskazeski of LJH Commercial negotiated the lease.

Tuggerah yard with office leased
A 4000sqm hard stand yard with 300sqm office/warehouse at 5 Johnson Road, Tuggerah has been leased for $48,000 per annum excluding GST and outgoings. The one year lease with two year option has been taken by Mangrove Mountain Quarries who will manufacturing, distributing and wholesaling sandstone products from the site. Nicky Laskazeski of LJH Commercial negotiated the lease.

West Gosford leasings
Bay 3/13 Grieve Close, West Gosford has been leased for $10,200 per annum for one year with a one year option to Brophy Productions Pty Ltd. The 113sqm high bay building is zoned 4A Industrial.

Bay 2/10 Grieve Close, West Gosford, has been leased for $9,100 per annum excluding GST and including outgoings for one year with a two year option. The 106sqm low bay building is zoned 4A Industrial and is over 20 years old. The new tenant is Leading Climate Solutions.

Bay 8/290 Manns Road, West Gosford has been leased for $18,000 per annum excluding GST and including outgoings for three years with a three year option. Lush Coatings is the new tenant in the 20 year old brick building which is zoned 4A Industrial and covers 245sqm. Citicoast Realty negotiated all leases.

Wyoming bay leased
Bay 3/5 Frances Parkes Close, Wyoming has been leased for $10,000 per annum excluding GST and including outgoings for three years. The Entrance District Auto Electrics have leased the metal clad bay which is over 20 years old and spans 156sqm. Citicoast Realty negotiated the lease.

Gosford bay leased
A 38sqm building at Bay 7/141 Erina Street, Gosford has been leased to The Rhythm Hut for $15,000 per annum excluding GST and including outgoings. The 30 year old, metal clad building is zoned 3C Commercial. Citicoast Realty negotiated the lease.

Toukley shops leased
Shop C/229 Main Road, Toukley has been leased for $17,000 per annum excluding GST and including outgoings for three years with a three year option to Toukley Wool Shop. The 96sqm strip shop with main road exposure is over 30 years old. Citicoast Realty negotiated the lease.

Shop B/231 Main Road, Toukley has been leased for $21,000 per annum excluding GST and including outgoings for three years with a three year option. The 80sqm of commercial retail space has been leased by Team Telco, a provider of various phones and phone systems. LJH Commercial negotiated the lease.

West Gosford factory leased
A freehold factory at 9 Yandina Road, Gosford has been leased for $50,000 per annum excluding GST and outgoings for three years with a two year option. The 547sqm metal clad building on 1394sqm land zoned 4A General Industrial has been leased to Refrigeration Equipment Manufacturers Pty Ltd. Geoff Broadhurst of Chapman & Frazer negotiated the lease.

West Gosford shops leased
Shops 5 & 6/67 Central Coast Highway, West Gosford have been leased for $50,000 per annum excluding GST and outgoings for three years with a three year option. The shops with no dividing partition cover 220sqm with a 36sqm mezzanine level. The concrete panel building is approximately 15 years old and has been leased to Henry Care Pty Ltd, a provider of rehabilitation, hospital and home care equipment.
Geoff Broadhurst of Chapman & Frazer negotiated the lease.

Lease of West Gosford factory
A factory at 19 Faunce Street, West Gosford (formerly Albany Door Systems) has been leased for $144,000 per annum excluding GST and outgoings for three years with three year option. The 1468sqm brick building is 30 to 40 years old and is located on 2900sqm land. A mining related engineering company is the new tenant.
Geoff Broadhurst of Chapman & Frazer negotiated the lease.

West Gosford warehouses leased
Units 4 & 5/18 Nells Road, West Gosford have been leased for $63,900 per annum excluding GST and outgoings for one year with a one year option to Sylvania Lighting. Each of the new concrete panel units spans 355sqm and they are zoned 4A General Industrial. Geoff Broadhurst of Chapman & Frazer negotiated the lease.

Charmhaven acreage leased
A 180sqm factory and large 4 bedroom house on 26 acres at 120 Arizona Road, Charmhaven has been leased for $36,400 per annum including GST and outgoings. The new tenant is Extreme Partyz, a party hire group. LJH commercial negotiated the lease.

Gosford shop leased
Shop 1/110 Erina Street, Gosford has been leased for $16,000 per annum excluding GST and including outgoings for three years with a three year option. The 80sqm retail shop is over 20 years old and has been leased by a hairdressing salon. Craig McMullen of Citicoast Realty negotiated the lease.

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