CCBR Business Review

15 P R O P E R T Y N E W S PROPERTY FUND MANAGER, Primewest, has acquired West Gosford Hometown for $45 million from Harrington Property Group in an off-market sale through Stonebridge Property Group. Hometown is an established large format retail centre comprising 15 tenancies with a total lettable area of 15,886 sqm. The centre is anchored by Super A-Mart and supported by a range of national retailers including Petbarn and Paul’s Warehouse. Commenting on the acquisition Primewest Director John Bond said, “West Gosford Hometown is the primary large format retail centre in the area and is highly visible on Manns Road – a major north-south arterial route. Primewest sees significant growth potential for large format retail in the area and on the Central Coast generally.” In June last year Primewest also pur- chased Lisarow Plaza on the Central Coast for $29.1 million (See report CCBR June 2017) Harrington co-founder and director Matt Davison said the sale demonstrates a successful repositioning of the centre by Harrington Property Group after originally acquiring the asset in July 2013 for $19.075 million. “This transaction was a win-win for both the vendor and purchaser, concluding quickly via a discreet off-market place- ment,” said Phillip Gartland, Stonebridge director. “The vendor was keen to secure a pre-Christmas sale at a strong price, the purchaser undertaking a strategic re- deployment of capital and risk into a highly secure asset with future potential and in an outstanding regional NSW location.” Ideally located on the Pacific Highway within the established Tuggerah Straight Commercial Centre, these Specialist Medical & Professional Suites are perfectly situated. Neighbours include Healthscope Medical Centre, PRP Radiology, Pathology, Sports & Spinal Physiotherapy, Chiropractor, Dentist, Psycologists & more. With a variety of suites available and plenty of parking, opportunities include both ground floor and level 1 suites. Tuggerah Medical & Professional Rooms range from 13m 2 to 24m 2 and start from as little as $1,250 per month +GST. Level 1 accessed via lift or stairs hosts suites from 59m 2 with the East Wing Professional Suites ranging from 73m 2 to 103m 2 there is a size to suit a variety of Professionals including Medical, Financial, Legal etc... Other tenants include BCF, Super Cheap Auto and Romi’s Café and make this an ideal location with plenty of parking. Features include • Flexible lease terms • Very Competitive rentals • Excellent parking • Air-conditioning • Carpets, kitchenette • Balcony access for most suites SPECIALIST MEDICAL & PROFESSIONAL SUITES TUGGERAH 154 Pacific Highway For further details please contact Julie Davies on 4355 5111 Primewest pays $45 million for West Gosford Hometown • A-Frames, Banners & Flags • Vehicle Graphics & Magnets • Indoor & Exhibition Signs • Full Colour Digital Printing • Outdoor & Building Signs • Lightboxes & LED Signs • Retail Shop Fronts • Expo Signs & Displays • Business Cards & Flyers • Safety & Real Estate Signs • Lasercut Letters • Boat & Trailer Graphics Unit 16/10 Pioneer Ave, Tuggerah Business Park tuggerah.signarama.com.au Mon - Fri: 8.30am - 5pm Banners 3D Signs Vehicle Wraps CALL FOR A QUOTE FREE Gosford site sold after 60 years in same ownership A commercial property at 332 Mann Street, Gosford (on the corner of Mann and Etna Streets) is on the edge of the CBD at one of the busi- est intersections in the district has sold after being in the one owner- ship for over 60 years. It comprises two levels with a total building area of 770sqm (Mann Street level 112sqm, Etna Street level 513sqm and storage area of 145sqm) on a 658 sqm site. It is currently leased to a rug mer- chant on a monthly tenancy. Buyer, Castley Property paid $1.25 million (GST not applicable). This property has been owned by Gay Investments for over 60 years, initially occupied by GES , run by Jim Gay, then passed over to his three Sons, with Jeff and Ian running the business as Gasworld ,until the relo- cation of Gasworld to Manns Road West Gosford in 2016. Selling agent was S J Skipper & Associates Pty Ltd with L J Hooker Commercial Central Coast the con- junction agent. CENTRAL COAST BUSINESS REVIEW FEBRUARY 2018