Commercial Property: Multiple income streams and highly visible location in Maitland Road property

STRONG PROSPECTS: This two-storey building on busy Maitland Road in Mayfield features two residential flats and a retail space and is fully leased.
STRONG PROSPECTS: This two-storey building on busy Maitland Road in Mayfield features two residential flats and a retail space and is fully leased.

Attractive location and multiple income prospects are expected to make a property on Maitland Road sought after.

Raine & Horne’s Alan Tonks is marketing 171 Maitland Road, Mayfield, which is set for auction on March 8.

The two-storey masonry building is fully leased. It includes two residential flats and a retail shop. Mr Tonks said it offered good vehicle and pedestrian exposure.

Total net income comprises $64,600 per annum and the property is approximately 405 square metres in total with rear access.

“This is a great opportunity to purchase a well-located property with four income streams in the thriving suburb,” Mr Tonks said.

DEMAND FOR INVESTMENTS

Brent Sinclair, of Knight Frank, said the sale of an investment property at 467-469 Pacific Highway, Belmont for $2.7 million showed a 6.1 per cent yield on the passing net income.

The property consisted of two detached buildings and was sold fully let with leases to Battery World and Pet Quarters until 2022 plus options.

“There is a shortage of investment stock and an increasing demand from investors, especially from Sydney,” he said. “We could do with more listings like this to meet the pent-up demand.”

WAREHOUSES IN WARATAH

Two warehouses in Crescent Road, Waratah being marketed by Colliers International’s Mark Yazbeck offer different opportunities.

He said a 198 square metre warehouse with 6.3m clearance at 3/27 Crescent Road was “perfect for any tradesman or business owner”. 

“It is in a central location with good access to service the majority of Newcastle’s residential population base and its affordable,” Mr Yazbeck said.

The property has on-site car parking, roller door access and a self-contained kitchen. It is being sold for $425,000 plus GST plus outgoings.

Neighbouring warehouse 2/27 Crescent Road is being sold through expressions of interest and offers an investment opportunity.

It is fully leased by Hunter Valley Martial Arts Centre Pty Ltd until July 2020 with an annual net income of $40,100 plus GST.

It is an open plan warehouse with self-contained kitchen, toilet amenities and function rooms.