A string of sales in Lambton’s main strip over the past 20 months indicate “strength and interest in that market”, according to Colliers International agent Michael Chapman.
Collier International recorded four sales, all through auction, in Elder Street between November, 2016, and last month.
A commercial building at 91 Elder Street, where the Greater Bank used to be located, was sold to an investor as a going concern for $1.925 million in November of 2016.
It has since been leased to new business 12RD Fitness.
In April of last year, shop 1 at 104 Elder Street was sold as a going concern for $1.035 million to an investor. A newly established cafe was on a lease at the time and remains located at the site.
In May, Colliers International sold 103 Elder Street at auction on behalf of Newcastle Permanent for $1.2 million. It was bought by an owner-occupier, who intends to use the space for offices.
Last month, 111 Elder Street where the former TAB had been for around four decades was sold on behalf of the Sydney owner to an owner-occupier for $690,000 plus GST.
Mr Chapman said “interest was really, really good” for the most recent sales.
“For 103 Elder Street we had at least nine people attend the auction ready to bid and there was a mix of owner-occupiers and investors throughout that campaign and that auction,” he said.
“Predominantly, interest was local. The campaign for 111 was very similar. We had four bidders for that auction and all local.
“It certainly goes to show that a small CBD fringe suburb like Lambton still has a lot to offer and, while we’ve seen the likes of the Newcastle Permanent and the TAB close the doors, there’s still been an influx of interest for new businesses to be established in that area like 12RD and the two owner-occupiers.”
“So I think it goes without saying that there is still strength and interest in that market.”
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