Commercial Property: Carrington hotel being sold as a leasehold asset

MAKEOVER: New life was breathed into the Criterion Hotel when it was refurbished in 2014. The bar and restaurant trade is strong.
MAKEOVER: New life was breathed into the Criterion Hotel when it was refurbished in 2014. The bar and restaurant trade is strong.

The sale of a leasehold asset at Carrington’s Criterion Hotel presents “a great opportunity” to enter the hospitality pub scene, according to Deane Moore of Moore and Moore Real Estate.

The Criterion Hotel in Bourke Street was refurbished in 2014 and Mr Moore said it offered “good restaurant and bar trade”.

The leasehold asset is being sold for $215,000 with 12 years remaining on the lease.

The business includes bar, restaurant, poker machines, outdoor areas and upgraded accommodation.

BAR REMOVED

The historic Terrace Bar, on Hunter Street, has been withdrawn from the market due to personal reasons after being listed for sale this month through Colliers International.

DARBY SALE

The Cooks Hill Commercial Centre on Darby Street has been sold for an undisclosed sum after an expressions of interest campaign.

The site is zoned B2 Local Centre and is returning a net rent of approximately $1.505 million per annum.

Knight Frank’s Ross Cooper said the iconic property attracted “a lot of interest” through the marketing campaign before being sold to a local group on October 13 who will “continue that refurbishment and upgrade of the building”.

GOOD TENNANTS

Colliers International’s Byrne Tran said 45 Enterprise Drive, Beresfield offered “a high quality investment property” in “one of Newcastle’s most popular industrial precincts”.

The property is located at the northern end of the M1 Motorway and Mr Tran said is leased to a good tennant until August 2020.

The property has a rental return of approximately $178,000 net per annum plus GST and is set for auction on November 9. Interest is expected to start around the low $2 million mark.

It comprises an engineering facility with office areas over two levels and benefits from having a workshop and adjoining warehouse area.

DOER UPPER

Raine and Horne’s Steve Dick said a Raymond Terrace property, at 44 Port Stephens Street, offered the potential for a small business to own their own building.

“If it has strong bones and a great location, which this has, someone can turn it into their own style and space,” he said.

It is set for a November 16 auction with bidding expected to start around $300,000.