Commercial Property: Beaumont Street building for sale with long-term tenant

That is why he is expecting some good interest for the site where Beaumont Street Newsagency has been a long-term tenant.

Mr Suminovski is marketing 132 Beaumont Street and said offers of $1.5 million and over were being considered.

The property has dual street frontage to Beaumont Street and William Street. It has off-street parking for four to six vehicles and the net site area is 364 square metres.

“Beaumont Street is very tightly held,” Mr Suminovski said.

“We recently sold 138 to 140 Beaumont Street. It was bought by an owner-occupier with two lessees on the bottom floor.

“We had good mix of out of town and local interest for that property.

“This one is a stand-alone site with a building area of 233 square metres. It has a new three year lease plus five-year option to the Beaumont Street Newsagency, which is a long-established tenant. They’ve been there since the 80s, so it’s a very safe tenancy.”

The property is zoned B2 Local Centre and has a passing income of $70,000 per annum.

“It is a good investment with opportunity for redevelopment and we think most interest will come from people looking for an investment,” Mr Suminovski said.

The premises is positioned on the western side of Beaumont Street, close to the commercial strip’s business centre and located within a five-minute drive to Newcastle’s Central Business District.

It has a wide, prominent retail shopfront and the existing layout comprises a large retail shop area with an office and storage area at the rear.

The total site area is 364 square metres.

Four Walls Commercial sold 138-140 Beaumont Street for $1.6 million this year. 

It was a two-storey building totalling 400 square metres of area.

Over 50 enquiries for that property were received, mostly from investors.

Mr Suminovski said the purchaser intends to occupy the upstairs space for their business and derive an income from the two retail shops on the ground floor of the property.