6.0% return for Sydney investor on Wyoming property

A Sydney investor has paid $1,020,000 (GST not applicable) for an investment property at 30 Renwick Street, Wyoming showing a net yield of 6.0% per annum.

The property comprises a well established purpose-built 250 sqm medical centre built in the 1980's on a 816 sqm block with two street access and parking and includes 2-bedroom residential unit upstairs.

Lease terms are 5 years x 5 years of which 4 years remain on the option at a rental of $61,198,90 net plus GST.

The property had previously traded in January 2014 for $420,000.

Ben Purdue from Raine & Horne Commercial Central Coast who negotiated the sale that the property had been on the market for one week and there was huge enquiry.  In the end two parties bid against each other to secure it with contracts exchanged within two days.

Mr Purdue said that there is a solid demand for  rental property investments on the Coast.