Big chunk of change shows confidence in city centre
A LANDMARK building in city centre will remain in local hands, following a well-contested campaign to own a piece of property in the heart of Coffs Harbour.
Early last month it was announced 66-90 Harbour Dr was on the market.
Expressions of interest closed on April 4 and by Easter, the landmark building was sold for an impressive $8,850,000 on a 7.64 per cent yield.
Co-marketed by Burgess Rawson and LJ Hooker Commercial Coffs Harbour, the opportunity caused quite a stir with investors before finally being secured by a local family.
"We received substantial enquiry during our marketing campaign which culminated in five offers to purchase,” LJ Hooker Commercial's Troy Mitchell said.
"The successful purchaser is a local family with diversified business interests.”
The building is home to a total of 13 tenants including national chains Specsavers and The Smith Family, along with a collection of local businesses including a first floor Community College.
Burgess Rawson Director and selling agent, Simon Staddon said the property's swift sale speaks to the strong investment appetite for key regional centres like Coffs Harbour.
"From extensive experience in selling commercial assets across regional NSW, we know investors from the eastern seaboard and even Perth have confidence in the demographics of Coffs Harbour on the mid north coast,” Mr Staddon said.
"Regional hubs like Coffs Harbour fire up investors and we tend to experience a spike in enquiry levels whenever we list property in this strong coastal hot spot.
"It's one of the state's fastest growing regions with an established population base of circa 76,879 in 2019, which is expected to swell to 96,087 by 2036.”
Mr Staddon said with a solid permanent population base and an average 1.6 million visitors a year spending over $433 million, it's no wonder investors have their sights set on Coffs Harbour.
"Investors recognise the future of Coffs Harbour will only benefit further from Australia's ageing population as more and more retirees relocate and downsize from some of the larger capital cities.”
In the past five years Burgess Rawson has sold almost $60 million worth of commercial investment properties in Coffs Harbour, including the Guzman Y Gomez drive-though for $3.11 million on a 4.5 per cent yield.