Bidding is expected in the high $400,000 range and upwards for a Warners Bay property that Commercial Collective's Brad Crouch has described as "a good investment with a very solid, blue-chip tenant".
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He is marketing Unit 11 at 335 Hillsborough Road in the Hillsborough Centre. It has a new five-year lease in place until February 2025 to internationally recognised company Mitsubishi Electric Australia Pty Ltd with an additional five-year option.
The site is prominently positioned and surrounded by established businesses, including Baby Bunting, Bibina, Petbarn, Mitre 10 and Service NSW. It has an income of around $34,900 net per annum plus GST and is set for auction on July 22.
"It is in the middle of a homemaker centre in a very busy part of Warners Bay and we've had good early enquiry," Mr Crouch said.
Commercial Collective are also marketing a multi-tenanted commercial and retail investment positioned on a high-profile corner in the Boolaroo town centre shopping precinct. Mr Crouch said the property at 50 Main Road was well positioned to capitalise on residential growth in the surrounding areas.
It has a site area of around 598 square metres and an income of around $29,102.53 net per annum. It is being sold through expressions of interest, closing July 23, with offers expected in the high $500,000 range.
"It has three shops, two on short-term leases and one doesn't have a lease in place at the moment," Mr Crouch said. "The main attraction at the moment is it is probably grossly under-rented and has the potential to add value to the property by repositioning the rents."
Early interest, he said, has come from investors and owner-occupiers.
"Not much becomes available in that town centre and the tenants are good, established businesses," Mr Crouch said.
