Coffs Harbour in red hot demand from savvy investors
WANT to put some Coffs Coast commercial property in your Christmas stocking?
The local commercial property market has attracted significant investment this year and according to Dean Venturato, Director of Burgess Rawson New South Wales, he expects it to continue with three prominent properties up for auction before Christmas. The properties are the BCC Cinema, Guzman y Gomez and a fully leased CBD retail complex.
Mr Venturato said busy regional hubs, such as Coffs Harbour, have been high on the radar of commercial property investors this year.
"We've certainly found that commercial property investors have been increasingly attracted to properties in key regional areas this year, including Coffs Harbour," Mr Venturato said.
"With increased population growth and competitive commercial property prices, investors can see strong long-term opportunities to add these properties to their portfolios.
"Coffs Harbour is not only a residential hotspot, home to more than 74,000 people and growing it is also a major tourist destination attracting over 1.6m tourists annually. This is fuelling demand for commercial real estate across the town.
"We expect all three of these properties to be snapped up quickly at our December auction in a few weeks."
Mr Venturato said the three properties offer significant net incomes and appealing future lease options.
The BCC Cinema is being co-marketed with LJ Hooker's Troy Mitchell. It is a modern five screen cinema complex with parking for 232 vehicles.
Leased to cinema experts Birch Carrol & Coyle, the property provides net income of $601,380 pa + GST. The current lease expires November 2025 with options until 2035.
In the heart of town at 18 Park Avenue, on offer is 65 metres of combined frontage to Park Avenue and Little Street directly opposite Woolworths and BWS. Also co-marketed with L J Hooker, this single storey CBD retail building is likely to attract bidding over $2.4m. Leased to six retail businesses, the property provides net income of $167,154 pa + GST with leases running through until 2022.
New on the Coffs Coast landscape, is a food restaurant leased to one of Australia's most fastest-growing fast food businesses, Guzman y Gomez.
Located on a 1078sqm corner site on the Pacific Highway, adjacent to Bunnings, the property provides net income of $140,000 a + GST with the current lease expiring November 2027 plus options to 2037. Bidding over $2.5m is expected.
Mr Venturato said the properties will go to auction at Burgess Rawson's December Portfolio Auction, Tuesday December 12 at Doltone House Hyde Park, Sydney.
For further information about these properties contact Dean Venturato 0412 840 222 or firstname.lastname@example.org or LJ Hooker Commercial co agent Troy Mitchell 0417 695 915.