A beachside property attracted national interest before selling ahead of its scheduled auction.
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Commercial Collective marketed the investment opportunity at 102/61 Shortland Esplanade, Newcastle with expectations north of $1 million at its October 28 auction.
But it sold on October 15 for $1.225 million with Commercial Collective's Adam Leacy reporting around 50 enquiries.
"Interest was excellent, and varied," Mr Leacy said.
"There was national interest because it's on waterfront and it's that same story that Newcastle is definitely on the radar.
"We had a lot of first-time enquiry out of Sydney on that particular asset. It was a successful campaign and we were presented with a fair deal and the owner accepted it."
The property is occupied by an established cafe tenant in Liquid Gold with a lease in place until 2023 and options to 2028.
It has a rental income of approximately $68,573 per annum net plus GST.
At the time of listing, Mr Leacy said its "unique" beachside position and established tenant, who was able to continue trading successfully through the COVID-19 crisis, were expected to provide the appeal for the commercial space opposite Newcastle beach.
The property comprises a ground floor space of a residential apartment building and operates as a fully functional cafe.
Development site
A Fullerton Cove property prominently located at the intersection of Fullerton Cove Road and Nelson Bay Road provides a commercial/retail development opportunity that will appeal to high levels of passing traffic as well as local residents, according to marketing agents Luke Rutledge and Tim Woolf of Colliers International.
They are marketing the site at 42 Fullerton Cove Road through expressions of interest, closing November 5.
The property is around 6.86 hectares in size and is being assessed for gateway rezoning approval to provide 2.5 hectares of necessary B1 Neighbourhood Centre developable area.
A price guide has not been disclosed.