Commercial Industrial Property Report

Three storey commercial complex for West Gosford
Construction is expected to commence within the next few months on a three-storey office/showroom complex at 3 Racecourse Road, West Gosford. Gosford Council approved the development at its meeting on 14 April 2009.

The project, to be known as Pegasus Corporate, is being developed by Ken and Geoff Emms, local commercial and industrial property agents. “Tenders from builders are currently being considered so that construction can commence as soon as the Construction Certificate is issued by Council,” said Geoff Emms.

Designed by Ross Howard of Wamberal-based Howard + Phillips Design Partners, the development will set a new, modern and creative benchmark in Gosford City’s re-development strategy. The site area for the building is approximately 2.5 hectares.

The design incorporates two pavillions with lift access along with breakout/meeting areas, natural light and ventilation techniques, landscaping and modern colour schemes. A secure undercover parking area is also contained within the development.

The project will include an impressive entry foyer with an equally inspiring outlook over Gosford Racecourse. In addition, it is intended that the property will have 24-hour secure access, ducted air conditioning, high-speed broadband along with a host of other features.

Each pavilion will comprise 100sqm of showroom/office space on the ground floor with 218sqm and 216sqm of lettable space on the 2nd and 3rd levels. The development is consistent with the new B6 Enterprise Corridor Zone gazetted in December 2007.

Green Point Shopping Village sold
Green Point Shopping Village has sold through agent Steven Lerche of CB Richard Ellis. The property which was owned by APN Funds Management was marketed through an Expressions of Interest campaign closing on 21 April 2009 with a private buyer offering $8.435 million. The price gives the buyer a yield of 8.69% on passing and 9.15% on a fully leased basis.

The Centre has a GLA of 3,659sqm and is anchored by a 2,500sqm Bi-Lo supermarket and nine specialty tenancies. Located on the corner of Avoca Drive and Sun Valley Road, the Centre draws on a resident population of 6,470 and an estimated population of 21,628 within a 3km radius.

Coles Group buys Kincumber Shopping Centre
Coles Group Property Developments Pty Ltd has bought Centro Kincumber Shopping Centre for $21.4 million. The price gives the buyer a yield of 7.62% on passing and 8.15% fully leased.

The property, which was owned by the Centro Properties Group, was placed on the market through agent Steven Lerche of CB Richard Ellis with an Expression of Interest campaign closing on 24 February 2009. The sale is reported to have taken place on 14 June 2009.

The Centre was originally constructed in 1986 and subsequently extended. It is anchored by a 1,828sqm Coles supermarket and complemented by 23 speciality tenancies. Centro reports that the property was sold at a 3% discount to their 31 December 2008 book value.

Auction brings $1.5 million for Gosford property
Bermark Pty Ltd has paid $1.5 million for 293-295 Mann Street, Gosford. The 3-storey building was sold at auction under instructions from receivers and managers, Taylor Woodings.

Two levels of the property – approximately 695sqm and 8 car spaces – are leased to Reach for Training on a 5x5 lease at a commencing rental of $121,800pa including outgoings plus GST. The lease commenced on 1 October 2008.

The top-floor level will be the new headquarters for Break Thru Employment Solutions. It comprises 360sqm. Lease terms are 3 years plus three 2 year options at a rental of $72,000pa plus outgoings and GST.

On the basis of the two tenancies the property will show a 12% yield. The property was previous traded in 1995 for $1.3 million and in 2002 for $1.5 million.

The property was sold through agents CB Richard Ellis in conjunction with LJH Commercial Central Coast.

Sales

Karalta Road, Erina offices sold
Brad Rogers of LJH Commercial has reported the sale of two strata units at 40 Karalta Road, Erina.
- Unit 6, a 138sqm ground floor suite, has sold to A & J Prater for $412,000 (GST not applicable) and will be occupied by Erina Physiotherapy and MS Australia.
- Unit 7, a 104sqm suite, has sold to an owner/occupier who paid $345,000 excluding GST.
Both units are part of a two-level, 15 unit complex built in 1985, zoned 3(b) Business.

Erina freestanding industrial building sold
Jaycar Electrical has bought a 520sqm industrial building on the corner of Aston Road and Bonnal Road, Erina paying $830,000 (GST not applicable). The property comprises an older metal clad building on a 1,392sqm lot which is currently leased to Q-BIC Storage Systems. The purchase is to allow for future expansion of Jaycar’s business. Zoning is 4(a) Industrial. The sale was negotiated by LJH Commercial Central Coast.

Sydney investor buys Wyoming industrial property
A Sydney investor has bought a freestanding industrial unit at 8 Brooks Avenue, Wyoming paying $2.4 million (GST not applicable). The property is fitted out as a gymnasium and leased to 4in1 Fitness. The tenant has signed a new 5 year lease with two 5 year options at a rental of $240,000pa plus outgoings and GST providing the buyer with a return on investment of approximately 12%pa.

Somersby industrial land sold
A local developer has paid $1.2 million plus GST for a vacant 19,520sqm industrial lot at 110 Somersby Falls Road, Somersby.
The property, a level site, is on the corner of Somersby Falls and Myoora Road and is split into two lots – 8,000sqm and 11,520sqm. The property last traded in 2005 for $1.7 million. The sale was negotiated by Geoff Emms of Central Coast Commercial.

Somersby factory sold
A local business owner has paid $725,000 plus GST for a freestanding factory building of approximately 360sqm on a 4,176sqm corner block at 20 Somersby Falls Road, Somersby. The new owner plans to further develop the site. The sale was negotiated by Geoff Emms of Central Coast Commercial.

Industrial unit sold in new Wyong Estate
A local business operator has paid $250,000 plus GST for Unit 6, 21 Amsterdam Circuit, Wyong – a new factory showroom unit of approximately 199sqm in a complex of five units in the recently developed Prime Industrial Estate at North Wyong. The sale was negotiated by Geoff Emms of Central Coast Commercial.

Leasings

Erina office leased
Mobility 2 You – a retail outlet for sale and hire of mobility equipment – has leased a 50sqm ground floor office at Karalta Plaza, 12 Karalta Road, Erina. Lease terms are 3 years with 2 year option at a rental of $27,273pa including outgoings and excluding GST. Neville Stephenson of Stephenson’s Real Estate negotiated the lease.

Umina office leased
An LJ Hooker franchisee has leased a 58sqm office at 301 Trafalgar Avenue, Umina Beach. Lease terms are 1 ˝ years with 1 ˝ years option at a rental of $14,727pa including outgoings excluding GST. Neville Stephenson of Stephenson’s Real Estate negotiated the lease.

West Gosford warehouse unit leased
A dog day-care business has leased a 235sqm warehouse a Unit 4, 348 Manns Road, West Gosford. Lease terms are 2 years with 1 year option at a rental of $20,000pa including outgoings plus GST. The lease was negotiated by Geoff Emms of Central Coast Commercial.

Charmhaven take-away leased
Phresh for You has leased a 120sqm fully equipped take-away shop at Shop 2, 27 Arizona Road, Charmhaven.  Lease terms are 2 years plus 1 year option at a rental of $15,500pa plus outgoings plus GST. Tony Myers of Oliver Myers Real Estate negotiated the lease.

Photographer leases East Gosford shop
A landscape photographer has leased a retail shop and will set up a gallery featuring landscape art at Shop 3, 2 Wells Street, East Gosford. Lease terms for the 100sqm shop are 2 years with 1 year option at a rental of $19,800pa plus outgoings plus GST. Tony Myers of Oliver Myers Real Estate negotiated the lease.

Erina industrial unit leased
Sports Coast Trophies has leased a 220sqm industrial unit at 2/10 Bonnal Road, Erina. Lease terms are 2 years with 1 year option at a rental of $19,800pa including outgoings plus GST. The unit is part of a six unit industrial complex. Tony Myers of Oliver Myers Real Estate negotiated the lease.

Gosford office space let
A local employment company has leased 24 Dane Drive, Gosford. The two-level older style property is on the corner of Central Coast Highway and Dane Drive and has parking for twelve cars. The total area to be leased is both ground floor and upstairs – a total of 291sqm. Lease terms are 3 years with 3 year option at a rent of $40,000 including outgoings plus GST. The lease was negotiated by Chapman & Frazer Real Estate.

Gosford medical suite leased
A medical specialist has leased a 120sqm ground floor medical suite at 133 Erina Street, Gosford. Lease terms are 3 years with 3 year option at a rent of $27,000 including outgoings plus GST. The lease was negotiated by Chapman & Frazer Real Estate.

Tuggerah Business Park unit leased
A training and employment company has leased a 730sqm warehouse unit with a substantial office fit-out at Unit 6, 1 Reliance Drive, Tuggerah Business Park. Lease terms are 3 years with 1 year option at a rental of $80,520pa plus outgoings and GST. The lease was negotiated by Geoff Emms of Central Coast Commercial.

Tuggerah factory leased
Bakery company Goodman Fielder has leased a 980sqm factory with mezzanine at 9 Joule Place, Tuggerah. The property will be used as a bakery distribution facility. Lease terms are 3 years plus 2 year option at a commencement rental of $77,000pa including outgoings plus GST. The lease was negotiated by Landin Realty in conjunction with Central Coast Commercial.

Note: Information for all property reports in Central Coast Business Review is supplied by real estate agents and RP Data.

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