Commercial Property: Development opportunity in Wangi Wangi

WATERFRONT: Totalling over 1500 square metres with a 34 metre frontage to waterfront reserve, this Wangi Wangi property is zoned for mixed use and could be used for a residential development.
WATERFRONT: Totalling over 1500 square metres with a 34 metre frontage to waterfront reserve, this Wangi Wangi property is zoned for mixed use and could be used for a residential development.

A near level site of over 1500 square metres with 34 metre frontage to waterfront reserve in Wangi Wangi is expected to reach over $1 million at auction.

The property at 281 Watkins Road has been listed through LJ Hooker Warners Bay and will be auctioned on December 14.

Agent David Magin said interest had been strong with plenty of enquiries made since it was brought to market last month.

“It’s waterfront reserve and faces north and is on the northern end of the main street,” Mr Magin said.

“It has a B2 zoning, which makes it suitable for mixed development and it may be used for residential units or apartments as well as some commercial space.

“We’re hoping the market will determine the price and we expect that might be into the $1 million.”

There is a house and two small shops located on the property.

Mr Magin said two recent residential developments in the suburb had sold out quickly.

BIG SALES

Global Commercial sales agent Reece Harrison has negotiated a pre-purchase design and construct development on Lot 302 Elwell Close, Beresfield.

The site of 6916 square metres is to be developed by Hunterland and will become a new purpose-built transport facility for logistics company Tamex Transport.

Designed for B-double and heavy vehicle access, the 2000 square metre warehouse office building will provide a central distribution point for the expansion of the company.

The full pre-cast warehouse with six-metre eaves will have dual 4.8m high roller door access points with a drive-around design and rear awning for loading and unloading and 22 on-site car parks.

The office area includes a fit-out with reception, open plan offices, full kitchen and complete amenities.

Mr Harrison negotiated the deal as a complete turnkey development offering for $3.92 million plus GST and expected the site to be completed by mid to late next year.

A high quality industrial warehouse and office building in sought-after Thornton has also been sold.

Colliers International’s Byrne Tran sold the property at 59 Bonville Avenue with a site area of 6798 square metres for $4.875 million.