ICONIC waterfront A-grade commercial office building, 237 Wharf Road, Newcastle, has been listed for auction on Thursday, December 4.
The three-storey building has four suites, each with open-plan office and kitchenette facilities. Common amenities are located on each floor.
It is currently 100 per cent leased to the NSW government and offers uninterrupted harbour views, 37 security car spaces on-site, a rental income of about $1,176,105 net per annum, as well as a 3.5-star NABERS and BEEC Energy Rating, and a 4.5-star NABERS water rating, all valid until April 2015.
The lease will be for 10 years with a commencement date on completion of the contract for sale with an option term of five years plus five years.
It has been listed through Colliers International agents - Peter Dodds, Matt Kearney and Adam Leacy - and will go under the hammer at 10.30am at the Commercial Real Estate Auction Centre, Mezzanine, 50 Margaret Street, Sydney.
Cubbyholes prove popular
FULLY customisable workshop estate, Cubbyhole Newcastle, has attracted plenty of buyers with 90 per cent of stage one already sold.
The innovative development adjoins the second stage of the Bunderra Estate at Boolaroo, which when complete will include 750 housing blocks, commercial and industrial buildings, including a Bunnings super store.
Robinson Property agent Simon Boyle said the success of the off-the-plan sales means construction on Cubbyhole will commence shortly, with a completion date expected mid-next year.
He said stage two, which comprises 18 units, had only just been released and already one deposit had been taken.
Mr Boyle said the price point of $68,000 plus GST per unit combined with the infrastructure currently being developed in and around the Bunderra site had been a key reason for its popularity.
"We are getting a good mix of investors and owner occupiers there - light metal manufacturers, a yard maintenance business, a wine business and builders who have bought two units, and an architect has bought two units," he said.
"Units range from 19 square metres to 39 square metres and could have a potential rent of $100 per week up to $250 per week."
Totalling 84 work spaces (Cubbyholes), each has power, lighting and internet.
"This is a unique opportunity, so we want Cubbyhole Newcastle to look like nothing seen before," said John Ryba, founder of Cubbyhole Developments.
"To get the right look, the external concrete walls feature bullet hole detailing.
"We've coded the roller door of each Cubbyhole with an element of the periodic table and borrowed inspiration from the celebrated Aussie artist Jeffery Smart."
The estate offers first class amenities with showers and change rooms, high level security and 24-7 access.
Most Cubbyholes have a dedicated car spot, making them ideal workspaces for small businesses, tradesman, creative designers, start-ups and hobbyists to buy and call their own, Mr Ryba said.
The spaces are also available for clever, safe and economical storage.
"Cubbyhole's extra pulling power comes from the spacious ceiling height that allows owners to add a mezzanine level at minimal cost, immediately doubling the space and value of their unit," Mr Boyle said.
"The ability to extend the space to twice the capacity is a huge drawcard.
"The pricing is ideal for everyone, providing an opportunity to own rather than rent, while investors will obtain a 9 per cent plus return with minimal outlay and low maintenance cost."
Fullerton Cove land auction
CLOSE TO 20 hectares of land at Fullerton Cove will go under the hammer in early December. The one-lot site, zoned RU2 rural landscape, has a four-bedroom Mirvac home (2003) and a 2000-square-metre shed with an attached 60-square-metre granny flat.
Opposite historic wedding venue Stanley Park, the land parcel is next to land at 42 Fullerton Cove Road owned by Woolworths, Global Realty partners agent John Karmas said. The Woolworths site had been earmarked for a supermarket-anchored "neighbourhood" shopping centre, until the proposal was refused earlier this year.
The Port Stephens Examiner reported in May that the unsuccessful original plan for the Woolworths site aimed to rezone the land from rural agriculture to general business and environmental protection.
"It is reported that Woolworths will continue to look at different ways it can bring a store to Fullerton Cove," The Examiner wrote.
Mr Karmas said the land lot known as 78 Fullerton Cove Road next door had potential for a range of activities both with and without consent under its current zoning. These include agriculture, camping grounds, cemeteries, group homes, tourist and visitor accommodation, veterinary hospitals and more.
The property, with a 708-metre frontage to Nelson Bay Road, will go under the hammer on site at noon on Saturday, December 6.
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