Early interest has come from local and out-of-town investors for a Maitland property with a long lease in place.
Todd Fisher, of LJ Hooker Maitland, is marketing 448 High Street with a guide of $625,000.
The property has a floor area of 200 square metres and site area of 212 square metres. The two-level building is double brick and of early 1900s architecture. It has a B4 mixed use zoning.
El Chapos mexican restaurant are on a five-year lease with a five-year option.
"We're into the first 12 months of that initial five-year term, so there's still up to nine years left on the lease," Mr Fisher said.
"All of the outgoings are paid for by the tenant. It's in a great central location and is zoned B4 mixed use, so one day maybe some residential opportunities above might work as well.
"It has a fantastic tenant, very well established in the area and trading really well."
AUCTION SUCCESS
Colliers Newcastle have reported a successful auction portfolio in the first quarter of 2021. With 13 properties marketed for sale, Colliers associate director Nick Christensen said it represented the largest commercial property portfolio presented by the Newcastle agency.
All 13 properties were sold after receiving over 650 enquiries during five-week marketing campaigns, which he said showed demand for quality investment assets in the Newcastle region.
Mr Christensen said the depth of the market was further reinforced by the strong level of bidding witnessed and a number of transactions being finalised by anxious buyers before auction.
"The team transacted over $25 million worth of property with assets ranging from $370,000 to $7.575 million and yields from 4.42 per cent to 7.19 per cent," he said. "Two-thirds of the portfolio achieved a net yield of less than six per cent."
Properties which sold under the hammer on March 25 included a CBD fringe investment at 206 Hannell Street in Maryville that is leased to a covenant backed by AMP. Colliers guided around $1.75 million for the property which had a passing income of $105,000 per annum net plus GST and a lease in place until 2025 with a further five-year option. It sold for $1.93 million.
Properties sold prior to auction included $7.575 million for 88 Park Avenue in Kotara and $5.075 million for 160 Pacific Highway, Charlestown.
GEORGETOWN SALE
Commercial Collective's Byrne Tran has reported the $1.73 million sale of a development site 1631 square metres in size at 42 Georgetown Road. It was sold through an expressions of interest campaign.
