A local investor has snapped up a freehold commercial building fully leased to Westpac Banking Corporation in Newcastle for $4.45 million on a 5.6 percent yield.
Located at 49 Hunter Street, Newcastle, the 375sq m site is a highly sought-after mixed-use investment in Newcastle’s core commercial precinct.
Ideally positioned on a corner site, exposed with prominent street frontages, it is set to benefit from surrounding infrastructure and populated business catchment.
The property was sold by Jordan Lee and Michael Hui of Savills Asia Markets and Adam Leacy of Commercial Collective who said the property’s blue-ribbon location, within close proximity to the public infrastructure upgrades and significant private redevelopment of some of Newcastle’s most strategic sites, ensures strong capital growth.
Newcastle has undergone a major resurgence over the last decade. Coal has been replaced by a vibrant cultural scene, energetic nightlife, diverse restaurants, and some of the best city beaches anywhere in the country.
There are several major developments currently underway in the vicinity including Iris Capital’s $700 million Hunter Street Mall redevelopment.
Comprising small boutique shops, cafes, amenities and apartments, the project will be the largest master planned mixed-use site in the city, reinvigorating Newcastle’s East End by covering four city blocks.