They may not have been used as squash courts for a number of years now, but the Maitland building is still well-known with locals.
It has been listed for sale through Ray White Commercial Newcastle and agent Kyle Cable said there was plenty of scope in the three-storey brick building which retains the word “Squash” on its facade.
The building is located at 5 Bulwer Street and has two squash courts, viewing gallery and office spaces.
The first-floor tenancy is Central Maitland Dentistry, which has been in operation for more than 30 years. The lease is returning around $65,000 net per annum in the second year of a five-year term with two five-year options.
“The key selling factors are location, the size and and at the moment a fairly secure tenant in there,” Mr Cable said. “It’s location is prime because you’re right next to the new Levee precinct. The building is an old building but there is a lot of space in the building and a lot of potential to redevelop. At the moment it has a tenant in place and there’s potential to get an eight per cent return on that investment while that lease is in place.”
It is for sale by tender closing August 1. A price range was not disclosed.
Easy access off Kalaroo Road and a lack of supply should make a unit in Redhead’s industrial estate appealing in the marketplace, according to Plumb Realty Commercial’s Warren Plumb. He has listed unit 1 at 15 Seasands Drive, which is set for a auction on August 9.
“The Redhead industrial estate is zoned IN2 Industrial land, which has a variety of end usages, and with the absence of available units to lease should attract the interest of savvy owner-occupiers and investors looking to secure a property within a well sought-after area,” Mr Plumb said.
The property has 4.8-metre high clearance roller doors, new colorbond roof, 540 square metres of warehouse, showroom, offices and mezzanine levels and has “an anticipated lease return of $65,000 per annum net plus GST and outgoings”.
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