CCBR Business Review

17 P R O P E R T Y N E W S Do you want Google to generate more leads for your business? Call Yvette for a free initial consultation on 0415 601 591 Tuggerah property sold on 6.5% yield Perth-based property investor Properties & Pathways has announced the sale of their Tuggerah Super Centre at 9 Bryant Drive, Tuggerah for $10.8 million providing the buyer with a yield of 6.5%. Properties & Pathways acquired the property in June 2016 for $7.54 million – a return of 40%. Commenting on the return P&P said, ”We identified a small window of opportunity to activate redundant lettable area in a neglected asset. We quickly started on a plan to reinvigorate the assets presence to the road with brand new signage and a much higher, impressive façade upgrade to help attract and secure the right tenant. Installing a massive new pylon sign and increasing the external façade of the vacant building to the maximum allow- able height radically improved visibility from the road and helped reposition the whole centre. “Tuggerah Tiles leased 400 square metres and we secured another long lease to a national furniture retailer, Oz Design, across another 1,237 square metres.” Major tenants include Nick Scali and Officeworks. The property with a floor area of 4,118 sqm is on a 8,094 sqm lot oppo- site Bunnings. It was acquired Sydney investor Chusan Corporation Pty Ltd. The sale was negotiated by Nick Williams and Justin Dowers from CBRE. A former water bottling plant at 9 Chivers Road, Somersby has sold for $3,600,000 plus GST and will be used for warehousing purposes. The property which comprises 3,800 sqm factory building with 270 sqm office and caretakers residence on a 6,855 sqm site with extensive hard stand and security fencing had been vacant for some years. It had been on the market since 2008. The sale was negotiated by Karen Aubrey from L J Hooker Commercial Central Coast. Former water bottling plant at Somersby sold Sydney investor buys Charmhaven industrial A Sydney investor has paid $1,480,000 (GST not applicable) for an industrial investment property at 23 Arizona Road, Charmhaven providing a 8.2% return. The property of 2,221 sqm comprises an L-shaped concrete panel and metal clad factory of approx. 1,023 sqm plus office and amenities block of 278 sqm over two levels and concrete yard. It includes a 5-tonne gantry crane and 3-phase power. It is leased to Ausreo Pty Ltd in August 2017 on a 1 year lease with 3 x 1 year options at a rental of $122,000 per annum plus Outgoings and GST. The lease and subsequent sale was nego- tiated by Chris Watson from Chapman & Frazer Real Estate. Tuggerah Business Park commercial unit sold Unit 6, 1 Pioneer Avenue, Tuggerah Business Park has sold for $640,000 (GST not applica- ble) to an investor providing a commencing yield of 6.85% pa. The 200 sqm property is leased to Priority Business Lawyers on a 5 x 5 year lease expir- ing February 2020 at a rental of $45,977 per annum plus Outgoings and GST. Ty Blanch from L J Hooker Commercial Central Coast negotiated the sale. Somersby investment property sold Unit 11, 54 Gindurra Road, Somersby has sold for $675,000 (GST not applicable). The property comprising a fully equipped commercial kitchen with cool room and air conditioning is leased to the former owner on a 5 x 5 year lease at a net rental income of $51,200 plus GST. Karen Aubrey from L J Hooker Commercial Central Coast negotiated the sale Investor buys new freestanding warehouse A Sydney SMSF investor has bought a recently completed warehouse at 4 Sailfind Place, Somersby paying $1,480,000 plus GST. The 903 sqm high clearance warehouse building is of concrete and colorbond construction with 66 sqm office and amenities block in front is comprised on a 2,033sqm block. Karen Aubrey from L J Hooker Commercial Central Coast negotiated the sale and is now seeking a tenant. CENTRAL COAST BUSINESS REVIEW FEBRUARY 2018