A freehold retail building located on a tightly held major arterial road in Newcastle West is for sale boasting a brand new 5 + 5 + 5 year lease to National tenant; Fantastic Furniture.
Located at 978-980 Hunter Street, Newcastle West, the property sits on a 1,808sq m* site and rear lane access with loading dock. The property is zoned B4 Mixed Use under Newcastle Local Environmental Plan with a net passing rent $522,000 per annum and fixed annual rental increases.
For sale through Nick Lower, Ollie Ridley and Nick Peden of Savills Australia, there is significant future development potential in one of the fastest growing regional cities in NSW with renowned national and international tenants such as Aldi, Woolworths, BMW, Anytime Fitness in the immediate precinct.
The existing building comprises a two-level retail showroom building arranged to provide storage on the lower ground level (accessed via the rear) with prime retail showroom on the ground floor level (accessed on Hunter Street through main shop entrance) with an estimated gross floor area of 3,193 sq m*. The rear of the site is accessed via the road which adjoins 970 Hunter Street and is used for staff parking and deliveries.
According to Nick Lower, State Director - NSW, Metro & Regional Sales at Savills Australia, there is a 60 metre height limit and Floor Space Ration of 6:1 with a secure income in place with Fantastic Furniture’s lease commencing October 2020 and strong lease renewal options in play.
“This is an outstanding opportunity for astute investors to secure a flagship asset with a brand-new lease to a renowned national tenant, Fantastic Furniture. The property provides income security with significant future development potential whilst being situated within one of the fastest growing regional cities in New South Wales,” he said.
The property is located on the northern side of Hunter Street, otherwise known as the Pacific Highway, approximately 500m west of Newcastle Interchange Light Rail Station. The immediate precinct is home to major tenants including Aldi, Woolworths, BMW, Anytime Fitness and a wide range of national retailers along Hunter Street as well as Tudor Street and Parry Street.
Ollie Ridley, Sales Executive, Metro & Regional Sales at Savills Australia said the property has an extremely high level of passing vehicular traffic with an average daily count of 31,294.
“The property is on the doorstep of major arterial roads which provide significant exposure to high levels of passing vehicular traffic. Multiple bus services run directly outside the entrance of the property, which facilitates easy access to the Newcastle CBD and surrounding suburbs,” he said.
Nick Lower said “Newcastle West has a thriving commercial precinct that has been able to capitalise on its superior “gateway” status with it being the main suburb that vehicular traffic encounters in order to travel into the Newcastle CBD.”
The property is offered for sale by Expression of Interest. Prospective Purchasers are invited to submit an ‘Expression of Interest’ no later than 2pm Wednesday 16 December.