Commercial Property: Former church in Tudor Street offers options

POTENTIAL: This property in a highly visible location on Tudor Street in Newcastle West is being sold through an expressions of interest campaign.
POTENTIAL: This property in a highly visible location on Tudor Street in Newcastle West is being sold through an expressions of interest campaign.

A building on Tudor Street has attracted plenty of interest, mostly from developers, since hitting the market this month.

David Rogers of Dowling Commercial is marketing the property at 3 Tudor Street, Newcastle West through an expressions of interest campaign closing March 2.

He said the building, formerly a church, was being offered for sale or lease with most enquiry to date coming from purchasers.

The two-storey building underwent significant refurbishment for commercial usage in recent years and both levels has a net lettable area of around 400 square metres.

The ground floor lay-out is open plan with some offices, storerooms and amenities.

There are a dozen offices of varying sizes upstairs and also the potential to increase the floor size with the addition of a mezzanine area.

The overall site area is around 727 square metres. The property is zoned B4 Mixed Use.

OFFICE SPACE

A commercial office in Charlestown for lease offers a prominent position and business exposure, according to listing agent Alan Tonks of Raine & Horne Commercial.

The property on level two at 215-217 Pacific Highway comprises 591 square metres and includes 10 undercover security car spaces. 

It also has a reception and waiting area, four interview rooms, a boardroom plus three private offices and an open floor plan area.

Fall in vacancy

The Property Council of Australia’s latest Office Market Report, released this month, showed that Newcastle’s office market was one of the strongest in the country with vacancy dropping from 10.3 to 9.0 per cent.

Property Council NSW executive director Jane Fitzgerald said the drop in vacancy was due to positive demand and withdrawals indicating Newcastle was an emerging regional office market.

“Newcastle has a strong office market with a growing population and local economic growth,” she said.

“Over the period, 1250 square metres of office space was added indicating there is still strong supply.”

Industrial property vacancy rates in Newcastle have fallen from 7.56 per cent to 4.53 per cent in two years, according to the 2018 Raine & Horne Industrial Average which is the company’s annual measurement of vacancies in Newcastle.