An opportunity to acquire a ‘value add’ property in Waratah is listed for sale through The Savills Property Insolvency & Turnaround Services team, in-conjunction with Street Property, on behalf of Receivers & Managers appointed, KordaMentha.
Located at 60 Harriet Street, the 5,615sq m* site comprises two separate buildings consisting of 32 x 1-bedroom self-contained units in the main building plus an 8-bedroom detached house with common bathroom, dining and kitchen. The main building is approximately 95% occupied with the detached house leased under a separate tenancy.
The property has R3 Medium Density Residential zoning with an 11 metre height allowance and a FSR of 0:9:1
According to Nick Lower, State Director - NSW, Metropolitan & Regional Sales at Savills Australia, Waratah is one of the fastest growing suburbs in the Newcastle area with some experts predicting over 25% growth over the next 3 years.
“It is in close proximity to a number of amenities that are not only appealing for owner occupier buyers but will also appeal to savvy investors. Local amenities include Waratah Train Station, University of Newcastle, Waratah Village Shopping Centre and The Mater Hospital,” he said.
The Newcastle Metropolitan area is the second most populated area in the Australian state of New South Wales and includes most of the Newcastle and Lake Macquarie government areas. It is the hub of the greater Newcastle area which includes most parts of the local government areas of the City of Newcastle, City of Lake Macquarie, City of Cessnock, City of Maitland and Port Stephens Council.
The property is offered for sale by Expressions of Interest, closing 2pm Wednesday 21 October 2020.
Nick Lower, Selin Ince and Ollie Ridley of Savills NSW Metropolitan & Regional Sales Team and Andrew Walker of Street Property invite all investors to participate in the sales campaign to acquire this once in a lifetime opportunity.
Learn more about Savills Insolvency & Turnaround Services.