A lack of supply is expected to result in "strong interest" for an investment property with good exposure and long-term tenants at Swansea.
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Colliers International are marketing 180-186 Pacific Highway. It is set for auction on March 26 with interest expected from around $1.1 million (sale of a going concern).
It is fully leased to seven tenants, comprising two ground floor retail suites and five residential apartments and has an annual net income of around $84,781.32 plus GST.
Agent Luke Rutledge said most of the tenants had been in occupation for many years and the property offered potential rental upside with capital expenditure works.
"We are expecting strong interest from the investor market due to the short supply of available investment stock, further forecasted interest rate cuts this year, and the mixed use nature of the asset," Mr Rutledge said.
Colliers are also selling a service station with development potential at 7 Withers Street in West Wallsend.
It is being sold under instructions from Hogan Sprowles and interest is expected around $700,000 plus GST. The property is positioned on the corner of Withers and Brown streets and has a total site area of around 1233 square metres.
Government tenants
Bidding is expected from $10 million for a freestanding, two-level building at 275-279 King Street in Newcastle that is 100 per cent leased to the Commonwealth Government of Australia until April 2023 and returning around $780,356.01 net per annum.
Commercial Collective's Matt Kearney will take it to auction on March 18.
"The building presents in an excellent condition and at the moment is underutilised in height and FSR, so there's potential to increase the size of the building under the current planning guidelines," Mr Kearney said.
The building was built in 1996. It comprises an open plan customer service area with four interview rooms on the ground floor and parking on level one.