Commercial Industrial Property Report

Kincumber Shopping Village on the block
Centro Property Group has placed their Kincumber Shopping Village on the market through agents CBRE with Expressions of Interest closing on Tuesday 24 February 2009. The 23-year old Centre comprising of a Coles Supermarket, Go-Lo, 23 specialty tenancies and four ATM’s is located at 43 Avoca Drive, Kincumber on an approximate 16,420 sqm site.

The Coles tenancy is for 10 years (expiring in 2016) plus a 10 year option. The property has a GLA of 5,053 sqm that is fully leased with a net income of approximately $1.75 million per annum. The property is wholly owned by Centro MCS14 Syndicate and was valued in June 2008 at $23.8 million.

Former Hino truck site for sale
Adtrans Hino has placed their North Gosford property on the market through agents Raine & Horne Gosford, with an asking price of $999,000 plus GST (if applicable). The property has a frontage to Cary Street with access to Laycock Street and significant exposure to the Pacific Highway. The 2,039 sqm commercially zoned land has four units totalling approximately 680sqm and ample asphalt car parking/driveway area. The buildings are constructed of brick, steel and tin with large roller doors, offices, toilets, showers, water and power.

Leasings

West Gosford units leased
Industrial premises at Unit 2/8 Stockyard Place, West Gosford (opposite Bunnings) have been leased for $23,000 per annum excluding GST and outgoings for two years with a one year option. The concrete panel building covers 168sqm with a 79sqm mezzanine office and storeroom and is eight years old. The new tenant is Focus Studio, a photographic studio.

Unit 1/33-35 Young Street, West Gosford has been leased for $15,600 per annum including GST and outgoings for one year with a two year option. The 238sqm industrial unit is zoned B6 Enterprise Corridor and is a Besser Block building built over 40 years ago. The new tenant is D&M Batten, trading as Pane in the Glass (glass supplies and glazing).
Geoff Broadhurst of Chapman & Frazer negotiated both West Gosford leases.

Zenith unit leased
Unit 1.1 Zenith Business Centre, 6 Reliance Drive, Tuggerah has been leased for $38,000 per annum excluding GST and outgoings for three years with a three year option. The new tenant is Dewaal Manufacturing Jewellers, a specialist in the manufacture and repair of fine jewellery. Geoff Stephenson of Landin Realty negotiated the lease.

Business Park unit leased
A new 260sqm unit at 3/2 Bounty Close, Tuggerah Business Park has been leased for $46,800 per annum excluding GST and outgoings. The lease term is for two years plus three months with a one year option. New tenant, The Spastic Centre negotiated a three month rent-free period in which they will complete their own fitout. Nicky Laskazeski of LJH Commercial negotiated the lease.

Per month lease at Warnervale
An industrial unit at 2/Lot 210 Burner Road, Warnervale has been leased on a month to month basis for $2731.25 per month excluding GST and outgoings. The tenant, Coastal Transport Services will use the new unit purely for storage. Nicky Laskazeski of LJH Commercial negotiated the lease.

Bonnal Road unit leased
Bay 4/12 Bonnal Road, Erina has been leased for $26,000 per annum excluding GST and including outgoings on a three year lease. The 312sqm building is zoned 4A and is over 20 years old. It will be used for warehousing. David Tawyer of Citicoast Realty negotiated the lease.

Manns Road units leased
Bays 1 and 2/290 Manns Road, West Gosford covering 700sqm have been leased for $80,000 per annum excluding GST and outgoings for five years with a five year option. Project Auto Holdings is the new tenant in the 20 year old brick building. David Tawyer of Citicoast Realty negotiated the lease.

Woy Woy suite leased
Suite 6/36 Railway Street, Woy Woy has been leased for $13,000 per annum excluding GST and including outgoings for three years with a three year option. The 35sqm suite is part of a 12 tenancy complex opposite the railway which is approximately 20 years old. The Hearing Retail Group is the new tenant. David Tawyer of Citicoast Realty negotiated the lease.

Barralong Road factory leased
A 247sqm factory-warehouse at Bay 1/22 Barralong Road, Erina has been leased for $18,000 per annum excluding GST and including outgoings for three years with a three year option. The 30 year old building, zoned 4A will be tenanted by Serenity Lefestyle Enhancement Pty Ltd, a gymnasium. David Tawyer of Citicoast Realty negotiated the lease.

Umina takeaway store leased
Shop 2 Mt Ettalong Road, Umina Beach – a takeaway and general store – has been leased to a takeaway operator for $14,000 per annum excluding GST and including outgoings.  The term of the lease is for three years. David Tawyer of Citicoast Realty negotiated the lease.

Highpoint suite leased
44sqm of commercial space in Suite 6D/257-259 The Entrance Road, Erina (The Highpoint Building) has been leased for $15,400 per annum excluding GST and outgoings for one year with a one year option to The Transcription People. Chris Watson and Brad Rogers of LJH Commercial negotiated the lease.

West Gosford unit leased
Unit 5/290 Manns Road, West Gosford has been leased for $19,800 per annum including GST and outgoings. The 245sqm unit will be used for timber joinery and storage.  Chris Watson and Brad Rogers of LJH Commercial negotiated the lease.

Tuggerah commercial space leased
234sqm of first floor commercial office space at Suites B and C/152 Pacific Highway, Tuggerah has been leased for $50,000 per annum excluding GST and outgoings. The three year lease with three year option has been taken by Weight Watchers. Chris Watson of LJH Commercial negotiated the lease.

Point Clare shop leased
Shop 2/41 Brisbane Water Drive, Point Clare has been leased for $12,000 per annum including GST and outgoings for two years with a two year option. The 66sqm ground floor retail shop will be used as a commercial office, storage and physiotherapy.  Chris Watson of LJH Commercial negotiated the lease.

SALES

Unique property sold at East Gosford
A freehold building and land zoned 3A at 61-63 Webb Street, East Gosford has been sold for $750,000 (GST not applicable). The free standing metal shed is approximately 604sqm and the land covers 1500sqm. The property was sold by Brad Rogers and John Woods of LJH Commercial although part of the property is now on the market again.

Agent, Brad Rogers explained, “This double block of commercially zoned land has been identified as the future home for the Real Estate Academy. With the Real Estate Academy only requiring part of the property there is an outstanding opportunity for an astute purchaser to secure the remaining 759sqm block for $365,000 excluding GST. With exposure to the Central Coast Highway, this property is an absolute steal!”

Somersby industrial land sold
8,000sqm of vacant industrial land at 111 Wisemans Ferry Road, Somersby has been sold for $500,000 excluding GST. The purchaser – a local developer will look to design and construct on the land which is relatively flat and in an excellent location. It is DA approved for future development.

Agent, Brad Rogers of LJH Commercial said that the land was purchased by neighbouring developers who would transform it into an extension of the existing park. He commented that it is ideal for larger units or a design and construct type development and works should commence in the second half of 2009.

Gorokan land and building sold
Approximately 400sqm land with 214sqm building at 70-72 Wallarah Road, Gorokan has been sold to a Sydney investor for $810,000 (GST not applicable). The investment property is currently leased to Liquorland (Coles Pty Ltd) with a 5+5+5+5 year lease term. The property was sold on an approximate 8.5% net yield. Mark Davies of LJH Commercial negotiated the sale.

North Wyong units sold
A 129sqm industrial unit at 17/9-11 Willowtree Road, North Wyong has been sold for $139,700 including GST. The near new concrete panel unit was purchased by Peter Manning from Alvin’s Jukebox & Karaoke Party Hire. Mark Davies of LJH Commercial negotiated the sale.

Unit 7, a 189sqm unit in the same complex was sold for $185,220 including GST to a local purchaser who will set up a music rehearsal studio. Mark Davies of LJH Commercial negotiated both sales.

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