Raine and Horne Commercial

INSIGHTS SPRING 2018 | 18 NSW | Central Coast Brad Rogers of Commercial Erina says yields on industrial property are expected to tighten as the North Connex project linking the M1 and M7 underpins interest in the Somersby market Indeed, the Central Coast is benefi ing from a number of infrastructure projects including a major transformation of Gosford Hospital, the redevelopment of Wyong Hospital and an upgrade of the Pacific Highway in Wyong town centre. SMSFs continue to be active buyers particularly in the under-$1 million price range, and SMSF investors are typically looking for yields of around 7.0%. Brad notes, “We are seeing a high level of off- market sales in the Central Coast, which indicates that both owner-occupiers and investors are out there, waiting to snap up the right property.” As a guide to recent sales, a vacant block at 23-25 Anzac Road, Tuggerah sold off-market for $1.53 million to an owner occupier, and a bulky goods property at 6-10 2 Stockyard Place, West Gosford sold off-market for $3.3 million. In other transactions, a 7-Eleven at the Entrance Road, Long Je y sold for $5.5 million on a yield of 6.0%, and an industrial site at 10 Pile Road, Somersby sold for $3.080 million for a yield of 6.7%. Bre Hunter of Raine &Horne Commercial Erina commented, “The forecast population growth of Gosford and the Central Coast will outstrip most regions in Australia over the coming five years.” At time of writing in September, there were 11 cranes involved in building residential apartments in the Gosford CBD, with four more expected to be operational by the end of 2018. “Gosford has more cranes than any other regional city in Australia,” says Bre . “Such growth will no doubt bring fantastic economic and commercial opportunities for businesses and the keen entrepreneur.” Erina “ Such growth will no doubt bring fantastic economic and commercial opportunities for businesses and the keen entrepreneur. ”