Bidding is expected to start in the low $3 million price range for a Dora Creek property that agent Steve Dick describes as a rare investment opportunity.
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Mr Dick, of Raine & Horne Commercial, is marketing the mixed use building at 17 Wamsley Street. It is being sold through openn negotiation auction on February 20 and has attracted a mix of Newcastle and Sydney interest.
The property features eight commercial tenancies with six residential flats - four with two bedrooms and two one-bedroom units - above and has a net income of around $252,659 plus GST.
It is positioned on a busy corner site opposite the railway station, and Mr Dick said the property offers strong reliable terms from long-standing tenants that service the staple needs of the surrounding community.
"I describe it as the butcher, the baker and candlestick maker; it's all the staples that a community need," Mr Dick said.
"It's mixed residential and commercial investment and those are pretty rare because people tend to strata everything. It has all of the services that a community needs. It gets a lot of traffic through there and shows somebody a nice return."
The property site is around 1372 square metres in size and fronts Wamsley Street and Doree Place.
