CCBR Business Review

17 P R O P E R T Y N E W S CUBBYHOLE IS THE name of a new concept in affordable commercial/ industrial unit design with spaces from 31 to 57 sqm ideal for small investors and tradesmen or anyone looking for business or personal stor- age space. Sydney property developer, John Ryba has just completed his first project in Lake Macquarie and is now developing Stage 1 and 2 with 56 units at Warren Road, Warnervale. The development includes café set in landscaped surroundings, high security including electronic gates and CCTV surveillance, quality facilities including showers and change rooms, abundance of car parking space. Some units come with mezzanine. Anticipated outgoings (strata levies) range from around $1,400 to 1,800 per annum depending on size. Agent Brad Rogers from Raine & Horne Commercial reports that at this stage over 50% of stage 1 and 2 have been sold off the plan. Units 23, 24 and 25 of 31 sqm each have sold for $135,000 plus GST. Construction will commence in the new few months. New concept in industrial units proving popular Tenant buys Gorokan property Physio for You, the tenant of a property at 166-168 Wallarah Road, Gorokan has paid $1,520,000 (GST not applicable) and will become an owner occupier. The property, a converted residence on a 934 sqm lot, includes an adjacent residen- tial lot and has four vacant suites. Ben Purdue from Raine & Horne Commercial negotiated the sale. Image of the Cubbyhole development to be built at Warnervale Sydney investor wins “Star House” auction A Sydney investor battled it out with a local bidder to buy the Star House building in Gosford last month paying $2,025,000 (GST not applicable). The well-attended auction saw five regis- tered bidders with three dropping out early leaving it to the others bid the price up in $1,000 bids. The property at 120 Erina Street, Gosford is on a 651 sqm lot and comprises a total floor area of 1,183 sqm with a total of 14 tenancies of which 3 are ground floor retail. A number of the spaces in the building are vacant while the remaining ones have leases expiring in the next twelve months. The property last changed hands in 2005 for $1,045,000 (Source: RPData). Auctioneers were LJ Hooker Commercial Central Coast. Anthony Scarcella listed the property. Investor sees value in Killarney Vale An investor has paid $1,630,000 (GST not applicable) for a commercial investment at 142 Wyong Road, Killarney Vale. The property is reported to have strong current leases for the 4 shops and 2 resi- dential flats recently renovated. Net rent is $105,000 per annum giving the buyer a 6.5% return. The property last changed hands in 2011 for $960,000 (Source: RPData) Bernie Nash from LJ Hooker Commercial Central Coast negotiated the sale with the property being on the market for 22 days. He said that in the end he had two buyers who took the asking price from $1.6 million to $1.63 million. Erina property sells on 6.2% return A group of private investors from Sydney have paid $2.9 million GST not applicable) for a property with four tenants in place at 217 The Entrance Road, Erina providing them with a rental income of $188,218 per annum – a return of 6.2% pa. Constructed in 1980 on a 2,422 sqm lot with rear access the property comprises 1,130 sqm of building space on one of the busiest roads on the Central Coast. The property last sold in 2002 for $1.43 million (Source RPData). Brad Rogers from Raine & Horne Commercial negotiated the sale. w: bodyfuel.com.au f: bodyfuelcafe3 i: @bodyfuelcafe bodyfuel cafe 7/1 Pioneer Avenue, Tuggerah Business Park 43510834 CENTRAL COAST BUSINESS REVIEW APRIL 2018