A Sydney-based investor has purchased 978-980 Hunter Street, Newcastle West.
The property comprises a significant freehold retail building totaling 3,193sq m* on the outskirts of Newcastle town centre. The property was sold under a highly competitive EOI campaign and was eventually sold for $7,300,000.
The property is currently occupied by renowned national retailer ‘Fantastic Furniture’ on a new 5 + 5 + 5 year lease. The sale reflected a building rate of $2,286/sq m.
The asset is located in one of the fastest growing regional cities in NSW and was sought after by a range of local and national investors and developers. There is potential to redevelop the existing building and exploit the additional 6:1 FSR permissible on the site.
The deal was negotiated by Nick Lower, Ollie Ridley and Nick Peden of Savills Australia.
Nick Lower, State Director - NSW, Metro & Regional Sales at Savills Australia said “978-980 Hunter Street captured the attention of both investors and developers from NSW, Queensland and Victoria due to its strong covenant and location.”
Ollie Ridley, Sales Executive, Metro & Regional Sales at Savills Australia said, “Commercial assets with secure long-term income with development upside are at the top of investors lists, especially when located in areas tipped for future growth”.