The North Coast market remains strong, with Graeme Garrett of Commercial Port Macquarie reporting, “We are still experiencing good levels of interest from both owner occupiers and investors.” He adds, “We are experiencing a tougher market in the retail leasing sector however the industrial leasing market is still performing reasonably well.” The $10.25 million sale of 8-12 Acacia Avenue, Port Macquarie represented a strong result for the region and Graeme’s team. The 16,150 square metre site with a lettable area of 7,838 square metres, generates gross income of over $1 million annually spread across 61 tenants. The property, featuring commercial and industrial units, is located just 4 kilometres away from the Port Macquarie CBD. Longer term, Port Macquarie’s commercial property market holds plenty of appeal for owner occupiers and investors, with the local population forecast to grow by 28% by 2036. This growth is supported by the expansion of Charles Sturt University, the development of new housing estates and retail centres and the rejuvenation of Port Macquarie airport. Graeme Garrett ggarrett@rhcpmq.com.au Port Macquarie Office Industrial Retail Rents p/m² Vacancy Yields Rates p/m² Six-month market outlook Office Industrial Retail Rents p/m² $350-$500 $150-$250 $450-$650 Vacancy 8-10% 5-8% 10-12% Yields 6-7.5% 6-7.5% 6-7.5% Rates p/m² $3,000-$4,000 $2,500-$3,000 $6,000-$8,000 Current market conditions $10,250,000 8-12 Acacia Avenue, Port Macquarie Recent Notable Transactions SOLD $3,600,000 1613 Ocean Drive, Lake Cathie SOLD 20 | New South Wales Luke Horton lhorton@rhcpmq.com.au For more information, contact:
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