Commercial and Industrial Property Sales

Top return for Wamberal investment property

An investment property on the corner of Ocean View Drive and Dover Road, Wamberal has sold at auction for $1.2 million (GST not applicable).

Comprising two rental apartments, one with ocean views, and restaurant known as i-bar.

The lease on the 100 sqm restaurant has 2 years to run on a 5 year lease with 5 year option.

The business changed hands recently with the new owner planning to carry out improvements further enhancing the internal courtyard.

Zoning is residential with existing use.

Property Central agent, Marty Lynes, said the property is unique and attracted a number of buyers. In the end it sold immediately following the auction for the reserve price to a local investor.

Mr Lyons said that the property lends itself to redevelopment.

Built some forty or fifty years ago the property last traded in 2000 for $440,000.

Total return on whole property around $1,200 per week.

The auction was conducted by Property Central auctioneer Peter Kakos.

Owner occupier buys Tumbi Umbi units

Owner occupiers of Unit 5 at 7 Tumbi Creek Road, Tumbi Umbi have bought the unit they have leased for more than twenty years as well as the adjoining unit 6. With a total area of 320 sqm the units are part of a 3-unit complex of brick
construction.

Price paid for the two units was $275,000 (GST not applicable).

The sale was negotiated by Ty Blanch of LJH Commercial Central Coast.

Berkeley Vale industrial land sold

A Newcastle buyer has paid $2,061,500 excluding GST for Lot 1 Enterprise Estate, Enterprise Drive, Berkeley Vale, a 29,485 sqm level industrial site.

It is understood the buyer plans to develop the site for their own purposes.

The sale was negotiated by Ty Blanch of LJH Commercial in conjunction with Colliers Newcastle.

Tuggerah factory unit sold

Auto Ace Mobile Mechanics has paid $225,000 plus GST for Unit 3, a 200 sqm factory unit at 55 Gavenlock Road, Tuggerah.

Chris Watson of LJH Commercial negotiated the sale.

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