Interest is expected in the mid-$2 million range for a Newcastle West property that Commercial Collective's Adam Leacy says offers a few different opportunities.
He is marketing 671-677 Hunter Street through an expressions of interest campaign, closing April 15, and early interest has been local.
"It's currently operating as serviced office facility with a monthly holding income of $12,000," Mr Leacy said. "The opportunity that exists with the property is to either owner-occupy, invest or develop. It offers 580 square metres of commercial office area over two floors with both floors being self-contained and having the ability to subdivide. It's also got a garage for nine cars."
Key features of the property include being positioned in the growth precinct of West End, future development opportunity subject to council approval, a B3 Commercial Core zone, a nine-car garage plus short-term income or the option to purchase with vacant possession.
Commercial Collective are also marketing a large englobo site at 1148 Manilla Road, Hallsville in Tamworth through expressions of interest, also closing April 15, with interest expected in the early to mid-$2 million range.
"It's a rural residential englobo development site consisting of 104 hectares and has the ability to create minimum lot sizes of 2000 square metres," Mr Leacy said. "We've had strong interest with national developers looking at it."
Commercial Collective have also reported the $4.45 million auction sale of 49 Hunter Street, which is leased to Westpac, on March 17. It represented a yield of 5.6 per cent with a net return of the property achieving $250,908 plus GST.
Colliers International's Mark Yazbeck has reported four recent transactions on a range of industrial properties.
A Sydney-based investor has bought a substantial warehouse of around 3300 square metres of building at 6 Ayrshire Crescent in Sandgate for $3.85 million. It was sold on a leaseback to Bidfood, a national food service distributor.
"Bidfood had outgrown it," Mr Yazbeck said. "We sold them a block of land in Beresfield of about 15,000 square metres and, off the back of that, they sold the facility at Sandgate on a leaseback. They're going to lease it for five years then use the funds out of the sale to build a new facility. It attracted a combination of local and out-of-town investors.
Mr Yazbeck also sold unit 5, 5 Arunga Drive in Beresfield for $600,000 within two weeks on the market as well as side-by-side vacant land sites at 47 and 49 Wermol Street in Kurri Kurri. No.47 sold for $640,000 then No.49 was sold off-market for an undisclosed sum.