Colliers International's Ben King has described the recent off-market sale of an office building on the corner of Tudor and Hunter streets as "a strong result for the Newcastle West region".
The property at 1 Tudor Street was located within close proximity to the Newcastle Interchange with surrounding amenity and access to major roads. It comprised three floor plates of around 313 square metres each and a ground floor suite of approximately 67 square metres of Net Lettable Area.
The property was transacted off-market for $4 million (plus GST) to ASX listed company WOTSO, who Mr King said had identified Newcastle as a vibrant and diverse region with immense future growth prospects.
The vacant possession reflected a sale rate of $3976 per square metres over the building area.
WOTSO is a flexible workspace provider operating out of 16 of Australia's suburban and regional areas.
Jayson Robertson and Trent Robertson, of Colliers International, have a "significant portfolio investment opportunity" at 11 and 15 Broadmeadow Road, Broadmeadow and 115 and 123 Clyde Street, Hamilton North.
The property comprises four workshops each with separate roller door access, separate amenities and office space. The workshops incorporate multiple gantry cranes ranging from two tonne to 20 tonne. The total site area is around 7346 square metres with a building area of around 4024 square metres.
The property is leased to Meadow Industries Pty Ltd and Xylem Water Solutions Australia Pty Ltd and is returning around $426,978 per annum net (plus GST). It is being sold through expressions of interest.
"That Broadmeadow location is tightly held and we're expecting interest from local and out-of-town investors," Jayson Robertson said.
Colliers recently negotiated the $1.77 million sale to Sydney investors of 6 Broadmeadow Road, Broadmeadow across the road.
Expectations are over $3 million for a development site on the corner of Munibung and Pendlebury roads in Cardiff.
Commercial Collective's Matt Kearney is marketing 19 Munibung Road, which is zoned B4 mixed use and comprises a site area of around 6440 square metres.
"It's the gateway site to the Cardiff industrial area and benefits massively from the Munibung Road extension and the amount of traffic that's now using that shortcut," Mr Kearney said. "It is going to be suitable for retail uses, quick service restaurants and also convenience offerings that would service the workers in the industrial area."
It is being sold through expressions of interest.
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