LOCATION: The property on Hillsborough Road will go to auction on August 3.WITH three years left on a four-year lease and a major investment by way of a substanial store refit, it’s little wonder that the freehold on the Rebel Fit store in Warners Bay is attracting attention from mum and dad investors as well as commercial buyers.
Leased to 2020 to Rebel Sport Limited trading as Rebel Fit, with a further four-year option, agent Michael Chapman from Colliers is confident the successful bidder will pay more than $1.5 million for it when it goes under the hammer on August 3.
“We’re confident it will go for somewhere above $1.5 million how high above that we’re not sure, Mr Chapman said.
“The opportunity with this property is the good location. Warners Bay is a well known part of the Hunter region.
“The tenant is heavily invested with a fit-out completed so there’s a lot of value in a tenant like Rebel.”
With a secure lease, a prominent location ina retail complex with other national tenants and a current net income of $103,682 per annum plus GST (approximately), Mr Chapman said strong interest had been shown from a range of investors.
“We started marketing on July 1 so in little over a week we’veprobably had a dozen or so inquiries which is a pretty good response,” he said.
“There has been a lot more of mum and dad investors moving away from the housing market and some self-managed super funds looking as well.”
The total strata area is roughly 471 square metres with on-site parking.
Adjoining tenants include McDonald’s and7-Eleven.
The site is selling via public auction at 10.30am on Thursday,August 3 at Ground Floor, 18 Honeysuckle Drive, Newcastle.
Carrington saleThe site that houses Kitami’s Japanese Grocery and Catering in Carringtonis being pitched as a versatile investment by selling agent Lee Follington.
Located at 53 Young Street, it’s been listed at $540,000 through Ray White Commercial Newcastle with a 220 square metre building on 278 square metre site.
Zones R2 low density residential it has an existing tenancy at $40,3000 per annumgross.