Commercial Industrial Property Report

CBRE lists Green Point Shopping Centre
Real Estate Agents, CBRE are inviting Expressions of Interest, closing on 21 April 2009 for Green Point Shopping Centre.

The property, which is a strong convenience centre is located on the corner of Avoca Drive and Sun Valley Road, Green Point, and comprises a Bi-Lo supermarket with nine specialty shops including a liquor store and parking for approximately 152 vehicles.

The centre has a GLA of 3,659sqm and is anchored by a strongly performing 2,500 sqm Bi-Lo supermarket with 9 specialty tenancies.  Bi Lo has a 15 year lease (expiring December 2017) plus options. The net income is approximately $770,000 pa.

The centre is built on a 1.306ha site zoned 3(a) General Business.
The property was developed by the Buildev Group in 2002 and sold into the APN Regional Property Fund in 2004. APN Funds Management is presently winding back its operations.

The listing agent is Steven Lerche of CB Richard Ellis – Retail Services.

Sales

Lake Munmorah servo sold
A service station on 2,642sqm land at 335 Pacific Highway, Lake Munmorah has been sold for $600,000 excluding GST. It was sold as a going concern to George Sakiris of Enlotto Pty Ltd, a Sydney investor.

Zoned 10(a), the older section of the building is over forty years old, however, there are new extensions. Agent Ty Blanch of LJH Commercial said the property was sold at auction on Friday 6th March, coming in at well above the reserve price with three active bidders in the room.

Coya Palms Industrial Estate sales
Bay 15/13 Gibbens Road, West Gosford, in the Coya Palms Industrial Estate, has been sold for $285,000 excluding GST to a local investor. The 189sqm tilt concrete and metal clad building was sold on a 9.5% net return. The property has been leased for $27,276 per annum excluding GST and outgoings for five years with a five year option. Bella Treats is the tenant.

Bay 17/13 in the same estate has been sold for $422,500 excluding GST. The 321sqm tilt concrete and metal clad building is two years old and was purchased for owner occupation. Craig McMullen of Citicoast Realty sold both Coya Palms Industrial Estate properties.

West Gosford sale brings over $1m
A 1,200sqm building on 3,473sqm land at 350 Manns Road, West Gosford has been sold for $1,050,000 to a Sydney investor.
The block and brick building is around 30 years old and is described by the agent as a multi-tenancy investment with Manns Road exposure.

The property was sold by Craig McMullen of Citicoast Realty after auction to the highest bidder on a net return of approximately 7.5%. The property has further development potential to construct a 500sqm bay at the rear, subject to Gosford Council approval.

Gosford office space sold
400sqm of ground floor office space on 900sqm land at 52 William Street, Gosford has been sold for $750,000 excluding GST to a local investor. Zoned commercial, the freehold property currently has two tenants returning $70,500 gross plus GST. Rob Willcox of Chapman & Frazer negotiated the sale.

Leasing

Gosford warehouse leased
A 300sqm bulky goods warehouse at 89 Donnison Street, Gosford has been leased for $30,000 per annum excluding GST and outgoings for two years with a three year option. The warehouse is over 40 years old and has been leased to a Church for community services. Rob Willcox of Chapman & Frazer negotiated the lease.

Tuggerah industrial unit leased
A 140sqm industrial unit which has been fitted out as an office with small storage area at 3/5 Joule Place, Tuggerah has been leased for $20,000 per annum excluding GST and including outgoings. The three year lease with three year option has been taken by Active Tree Services. Nicki Laskazeski of LJH Commercial negotiated the lease and commented that this is a great price for Tuggerah office space.

West Gosford industrial unit leased
A 315sqm industrial unit at 7/13 Dell Road, West Gosford has been leased for $35,000 per annum including GST and outgoings for three years with a three year option. The concrete and Colourbond unit is within a complex of eight units and is approximately ten years old. It has been leased to FX in Glass and Aluminium Products. Brendan Byrne-Bates of Raine & Horne Gosford negotiated the lease.

West Gosford unit with parking leased
3/14 Gibbens Road, West Gosford has been leased for $22,000 per annum including GST and outgoings to JRC Used Furniture for one year with a one year option. The older style industrial unit is 280sqm and has a hardstand area plus parking for four cars. It includes full amenities and mezzanine office space and is over 20 years old. Brendan Byrne-Bates of Raine & Horne Gosford negotiated the lease.

New West Gosford unit leased
1/26 Tathra Street, West Gosford – a 125sqm unit within a new industrial complex of eight units – has been leased for $15, 246 per annum including GST and outgoings for one year with a one year option. The new tenant is a manufacturer of balustrade for units and pools. Tony Myers of Oliver Myers Real Estate negotiated the lease.

Landmark suite leased
Suite 1 in the Landmark (old ANZ Bank) building in Mann Street, Gosford has been leased for $5,280 per annum including GST and outgoings. The 12sqm executive office suite has been leased to a life coach for one year. Tony Myers of Oliver Myers Real Estate negotiated the lease.

West Gosford unit leased
Unit 3/2 Carnarvon Street, West Gosford – a 190sqm industrial unit with office and mezzanine – has been leased for $11,440 including GST and outgoings for one year. The rendered brick unit with metal roof is zoned Industrial and has been leased to a picture framing business. Tony Myers of Oliver Myers Real Estate negotiated the lease.

Kincumber commercial unit leased
Unit 12/11 Cochrone Street, Kincumber has been leased for $20,000 per annum excluding GST and outgoings for three years with a three year option. The 160sqm unit is part of the Kincumber Industrial Estate and is in a rendered concrete building with metal roof, about two years old. A specialist food distributor is the new tenant. Tony Myers of Oliver Myers Real Estate negotiated the lease.

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